Patagonia founder and “reluctant billionaire” Yvon Chouinard just raised the bar for corporate action on the fossil fuel-driven planetary emergency.
“Instead of ‘going public,’ you could say we’re ‘going purpose.’”
The 83-year-old, his wife Malinda, and their adult children, Fletcher and Claire, gave away the company, valued at about $3 billion. The rock climber-turned-businessman explained the decision in an interview published Wednesday by The New York Times, along with a letter on the outdoor clothing retailer’s website.
“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,” Chouinard wrote. “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.”