Published On: September 20, 2022,Categories: Articles,

Going Purpose, Not Public: Patagonia

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Patagonia founder Yvon Chouinard has given away the $3 billion company to a climate crisis trust, stating that instead of going public, the company is ”going purpose”.

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The homepage tagline, “Earth is our only shareholder”, sums up the activity from Chouinard today. 100% of the company’s stock has transferred to the Patagonia Purpose Trust (PPT), with the aim of reinvesting in the planet. Leadership will remain largely the same: “family members… continue to sit on Patagonia’s board, along with Kris Tompkins, Dan Emmett, Dr. Ayana Elizabeth Johnson, Charles Conn (chair of the board), and Ryan Gellert, our CEO”. The retail company remains for-profit.

Originally a small business specialising in climbing tools, the team has reached heights aptly befitting their namesake mountains, operating in 47 countries as an outdoor apparel provider. The PPT announcement was released on Patagonia’s 50th anniversary and have since pledged an estimated $100 million a year to fight climate change, with funds to be donated to grassroots environmental nonprofits. Charles Conn, Chair, has stated that the new ownership is “the future of business if we want to build a better world for our children and all other creatures”.

On reporting Patagonia’s textile partnership with HeiQ earlier this year, Talent Ticker predicted a 35% chance of large-scale hiring. The company is currently advertising 103 jobs worldwide following the going purpose announcement, concentrated in Customer Experience, Accountancy, Legal Counsel, and Software Development. Roles are largely focused in Toronto, California, Texas, and Amsterdam.

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