Patagonia founder steps down to combat climate change

Yvon Chouinard, the eccentric rock climber who turned into a reluctant billionaire with his unique take on commerce, founded the outdoor clothing manufacturer Patagonia 50 years ago, and now he has donated the business to charity. The company is worth about $3 billion, according to the New York Times. In a letter about the decision, published on the Patagonia website on Wednesday, Choiunard wrote of "reimagining capitalism," and said: "While we're doing our best to address the environmental crisis, it's not enough. We needed to find a way to put more money into fighting the crisis while keeping the company's values intact. One option was to sell Patagonia and donate all the money. But we couldn't be sure a new owner would maintain our values or keep our team of people around the world employed. Another path was to take the company public. What a disaster that would have been. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility. Truth be told, there were no good options available. So, we created our own." All of the voting stock, or 2% of the total, will go to the trust, which will use it to establish a "more permanent legal structure to codify Patagonia's purpose and ideals." Family members and trusted advisors will supervise it. 98% of Patagonia's non-voting stock is owned by The Holdfast Collective. Depending on the success of the business, Patagonia anticipates producing and donating roughly $100 million annually. The business now offers new and pre-owned outdoor clothing, equipment for outdoor pursuits including camping, fishing, and climbing, as well as food and drinks derived from sustainable sources.