All future Patagonia profits that aren’t reinvested into the company will go toward combating climate change, the company said, stripping founder Yvon Chouinard of his billionaire status.
will “enshrine Patagonia’s purpose and values” and “demonstrate as a for-profit business that capitalism can work for the planet.”
Depending on Patagonia’s performance, the company projects it could pay out to the Holdfast Collective an annual dividend of aboutan open letter that he considered selling the company and donating the proceeds or even going public, but he decided to transfer its ownership to keep the company’s workers employed and maintain Patagonia’s values.
Ryan Gellert will stay on as chief executive, and the Chouinard family will continue to sit on Patagonia’s board, the company
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