"Earth is now our only shareholder," the founder of outdoor retailer Patagonia, known for his environmental stances, announced that he has given away his company in an effort to do even more for the planet.
Yvon Chouinard, 83, could have sold the brand -- valued at $3 billion or taken it public instead he, and his family agreed to transfer all of Patagonia's voting shares, or stock that gives the holder voting rights, in the company to a trust in charge of ensuring the brand's environmental values are respected.
Patagonia sells hiking and other outdoor clothing in over 10 countries and was founded in 1973. The brand quickly became committed to conserving nature, by carefully choosing its raw materials and donating one percent of its sales each year to environmental NGOs.
The Chouinard family will no longer get any money from the company but will stay on the board, as well as oversee the trust and guide the nonprofit's philanthropic work.