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and it will use every dollar received from Patagonia to protect nature and biodiversi- ty, support thriving communities and fight the environmental crisis. Each year, profits that are not reinvested back into the busi- ness will be distributed by Patagonia as a dividend to the Holdfast Collective to help ight the climate crisis. The company proj- ects that it will pay out an annual dividend of roughly $100 million, depending on the health of the business. Yvon Chouinard, Patagonia founder, former owner and current board mem- ber said, It's been a half-century since we began our experiment in responsible business. 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 want- ed to be, I am doing my part. Instead of ex- tracting value from nature and transform- ing it into wealth, we are using the wealth Patagonia creates to protect the source. Were making Earth our only shareholder. I am dead serious about saving this planet. Patagonia will remain a B Corp and continue to give one percent of sales each year to grassroots activists. The leadership of the company will not change. Ryan Gellert will continue to serve as CEO and the Chouinard family will continue to sit on Patagonias board, along with Kris Tompkins, Dan Emmett, Dr. Ayana Elizabeth Johnson, Charles Conn (chair of the board) and Ryan Gellert. The Chouinard family will also guide the companys controlling shareholder, the Patagonia Purpose Trust, electing and overseeing Patagonia's board of directors. They will also guide the phil- anthropic work performed by the Holdfast Collective. Acting together, Patagonia's board and the Patagonia Purpose Trust will work for the company's continued success over the long term while ensuring it stays true to its purpose and values. Ryan Gellert, CEO of Patagonia and Patagonia board member, said, Two years ago, the Chouinard family challenged a few of us to develop a new structure with two central goals. They wanted us to both protect the purpose of the business and immediately and perpetually release more funding to fight the environmental crisis. We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and planet first. As the change in funding went live, im- mediately, Patagonia updated their tagline to accompany their new mission: Earth is now our only shareholder.
Sources: Patagonia Works, Good News Movement
Earth is now our only shareholder."
- Patagonia's new tagline
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