September 15, 2022 | 08:00
Yvonne Chouinardbillionaire founder of outdoor sportswear brand Patagoniaannounced on Wednesday that The company will be handed over to the trust Who will use his profits to fight Climate change crisis.
instead of Selling the company for $3,000 million according to him The New York Timesor put to the public, will result in the transfer of family ownership of Patagonia To a credit and non-profit organization
Every year, the money we make after reinvesting in the company will be distributed as a return to help fight the crisis
Chouinard wrote Wednesday in a letter posted on the company’s website.
Hey friends, we just gave our company to planet earth. Well, it’s more subtle than that, but we’re closed today to celebrate this new plan to save our only home. We’ll be back online tomorrow.https://t.co/fvRFDgOzVZ
– Patagonia September 14, 2022
Patagonia Will continue to operate as a private for-profit companyBut the Chouinard family, which controlled the company until last month, no longer owns the company, according to The New York Timeswhich reported the decision on Wednesday.
Instead of extracting value from nature and turning it into profit for investors, we will use the profit that Patagonia generates to protect the source of all wealth.
The statement said.
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The founder of Patagonia will get any economic benefit
The company’s voting shares are transferred to Patagonia The purpose of the trust, while the non-voting papers were handed over to the Holdfast Collective, a A non-profit entity dedicated to combating the environmental crisis And the defense of nature.
Patagonia will always be A company that cares about your financial situation She will serve on the Board of Directors and General Manager.
While the wealthy often make financial contributions to causes, the New York Times said the stock structure in Founder Patagonia It implies that he and his family will not receive any financial benefit In fact, they will incur a tax bill for the donation.
Chouinard is best known for his hiking tours in Yosemite National Park. His net worth is $1.2 billion.
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With information from Agence France-Presse and Reuters
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