Patagonia founder Yvon Chouinard has announced that he is giving away his company to help fight climate change.
The outdoor apparel company will now be in the hands of trust and a nonprofit organization, and all future profits will be donated to help combat the global crisis.
"It's been a half-century since we began our experiment in responsible business," Chouinard, 84, said. "If we have any hope of a thriving planet 50 years from now,
it demands all of us doing all we can with the resources we have. As the business leader I never wanted to be, I am doing my part."
He added, "Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.
We're making Earth our only shareholder now." The move makes Patagonia one of the largest companies in the world to be fully owned by a nonprofit organization.
It also cements Chouinard's legacy as an environmentalist and a leader in sustainable business practices.
This move by Chouinard is sure to have a significant impact on the fight against climate change, and it serves as an inspiration for other businesses to do their part in protecting our planet.