Billionaire owner of Patagonia sells company to fight climate crisis

Setting yet another example of environmental leadership, the billionaire owner of Patagonia is donating the entire company to fight Earth's climate devastation, he announced Wednesday.

Patagonia founder Yvon Chouinard, who turned his passion for climbing into one of the world's most successful sportswear brands, says all of the company to a unique trust and not-for-profit structure designed to direct all company profits into saving the planet.

“Currently, the Earth is our sole shareholder,” the company announced. "ALL proceeds, in perpetuity, will go towards our mission to 'save our planet'."

Chouinard, 83, worked with his wife and two children as well as teams of corporate lawyers to create a structure that will allow Patagonia to continue to operate as a for-profit company with proceeds going to benefit environmental efforts.

“If we have any hope of a thriving planet — let alone a thriving business — 50 years from now, it will take all of us doing what we can with the resources we have,” Chouinard said in a statement. "This is another way we found to do our part."

The de Chouinard family donated 2% of all shares and decision-making powers to a trust, which will oversee the activities of the company missions and values. The remaining 98% of the company's stock will go to a non-profit organization called Holdfast Collective, which "will use every dollar received to fight the environmental crisis, protect nature and biodiversity, and support thriving communities, as quickly as possible. “, according to the statement.

Each year, the money that Patagonia earns after reinvesting in the company will be distributed to...