Patagonia must remain competitive for climate donation to work: CEO
A Patagonia store signage is seen on Greene Street on September 14, 2022 in New York City. Yvon Chouinard, founder of Patagonia, his spouse and two adult children announced that they will be giving away the ownership of their company which is worth about $3 billion. The company’s privately held stock will be now be owned by a climate-focused trust and group of nonprofit organizations, called the Patagonia Purpose Trust and the Holdfast Collective, and all the profits that are not reinvested into the business will be used to fight climate change .
Michael M Santiago | Getty Images News | Getty Images
Patagonia founder Yvon Chouinard and his family are giving away their ownership in the outdoor apparel maker they started five decades ago to benefit climate change. But that does not mean the company is going to become any less competitive or aggressive in meeting its business objectives.