2023 Patagonia, Inc. All Rights Reserved. Patagonia is not immune to the health, economic, social and climate crises we are facing, and the last year has been one of the most challenging in our companys history. Effective immediately, the Chouinard family has transferred all ownership to two new entities: Patagonia Purpose Trust and the Holdfast Collective. Create a free Patagonia account. Patagonia's Chief Executive Officer is Ryan Gellert. The company projects that it will pay out an annual dividend of roughly $100 million, depending on the health of the business. Patagonia Board of Directors Names Ryan Gellert Chief Executive Officer of Patagonia Works and Promotes Jenna Johnson to Lead Patagonia Inc. Patagonia has selected a new chief executive officer of Patagonia Works: Ryan Gellert. Patagonia has selected a new chief executive officer of Patagonia Works: Ryan Gellert. Track orders, save products, easy hassle-free returns & exchanges. It will help ensure that there is never deviation from the intent of the founder and to facilitate what the company continues to do best: demonstrate as a for-profit business that capitalism can work for the planet. Were in business to save our home planet. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Web SpecialsSave on Gear for Your Next Trip. Ambitions dont get much bigger than that. }gt%vP5pO*,K. We must aim for this ultimate goal: bringing wild species back to natural, self-sustaining abundance. The Holdfast Collective owns all the nonvoting stock (98 percent of the total stock), and it will use every dollar received from Patagonia to protect nature and biodiversity, support thriving communities and fight the environmental crisis. More recently, in 2018, we changed the companys purpose to: Were in business to save our home planet. Ambitions dont get much bigger than that. Will Patagonia Works wholly own any of the companies it invests in?Not necessarily. Founded by Yvon Chouinard in 1973, Patagonia is an outdoor apparel company based in Ventura, California. Rick Ridgeway VP Environmental Initiatives and Special Media Projects Ed Auman Business Unit Director- Fieldwear Ryan Gellert Chief Executive Officer Cory Bayers Vice President Global Marketing Yvon Chouinard Founder He has extensive experience working with direct action environmental groups, having served on the boards of Access Fund, Protect Our Winters, the European Outdoor Group and the Soil Heroes Foundation. Twitter Instagram Facebook Google+ | Patagonia.com. Across America, smaller cities and less-populated states are offering cash and perks to lure remote workers away from big metropolitan areas. This elite creative team also includesTin Shed Venturesand Patagonias repair, share and recycle business,Worn Wear. The leadership of the company does not change. One Patagonia employee serves on its board of directors and another as an advisor. Three examples: Every year for 30 years, Patagonia has donated one percent of its sales to grassroots environmental organizations. All Rights Reserved. o Current loss of carbon sequestration from submerged landscapes and riparian forests downstream, and potential gains in carbon storage from restoration of those same landscapes. What is Patagonia Works?Patagonia Works succeeds Lost Arrow Corporation as the holding company for Patagonia, Inc. (apparel), Patagonia Provisions (food), Patagonia Media (books, films and multimedia projects), and future investments and joint ventures. Team Advisors: Dr. Richard Mark Soley Dr. Richard Mark Soley is Executive Director of the Digital Twin Consortium and also Executive Director of the Industrial Internet Consortium and is responsible for the vision and direction of these two organizations. He will be supported by our incredible leadership team, both new and ongoing, and staff of all levels, who have helped make our company what it is today. Caring for employees is the responsibility of business. In order to truly understand and compare the climate-related costs and benefits of dam removal vs. continued dam operation, we need to quantify or at least estimate these climate impacts, over 50 years, including: o Annual and projected carbon equivalent emissions from dam and reservoir operations. Flexible shipping options are available. 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. In 2012 we became one of Californias first B Corps (benefit corporations), which means that the values that helped make our company successful are now etched into our legal charter. Further, Gellerts attentiveness and dedication to seeing others excel, and his passion for Patagonias product and activism, made him the right choice for the organizations next chapter. Why will each company under Patagonia Works beorganized as a B Corp? A copy of the rulemaking petition to EPA is attached, and we are happy to provide additional information on this issue. If we have any hope of a thriving planetmuch less a businessit is going to take all of us doing what we can with the resources we have. X/brDzV(Re;>}*R~:-}/'~[>;G"M6ms.+f79\HHQ/UQ(AdH-~]DEDHDv-vQrq\/zEr u!-K(fJEp}U1:t'+:s)DtJmf}WtVOo1' .5`0JQ|iTfLpDBRZEEvS With 20 years as an outdoor industry professional, and as a lifelong climber and someone who enjoys biking, running and skiing, she has deep roots in Patagonias sport communities. o Annual and projected carbon equivalent emissions from mitigation programs, including fish hatcheries, non-volitional fish passage, and sediment management. We started with our products, using materials that caused less harm to the environment. Founded by Yvon Chouinard in 1973, Patagonia Works ("Patagonia") is a certified B Corporation based in Ventura, California. We became a certified B Corp and a California benefit corporation, writing our values into our corporate charter so they would be preserved. It owns all of the voting stock of the company, which gives it the right to approve key company decisions, like who sits on the board of directors and what changes can be made to the companys legal charter, including its reason for being and B Corp commitments. Orders are shipped within 1-2 business days and arrive within 3-10 business days. 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.. A Certified B Corporation, the company is recognized internationally for its commitment to product quality and environmental activismand its contributions of more than $110 million in grants and in-kind donations to date. Patagonia Works is the holding company for Patagonia, Inc. (apparel and equipment), Patagonia Provisions (food), Patagonia Media (books, films and multimedia projects), Lost Arrow Solutions (government), Fletcher Chouinard Designs, Inc. (surfboards), Tin Shed Ventures, LLC (investments), and Worn Wear, Inc. (used and upcycled apparel). Learn more about our environmental and social responsibility program. The world is literally on fire. Our senior strategists, Erica Olsen and Kim Perkins, facilitated a series of eight, 1-day strategy sessions . Dont worry, we'll only contact you about activism here. Yvon Chouinard, Patagonia founder, former owner, and current board member said: Its been a half-century since we began our experiment in responsible business. September 14, 2022 Despite the misguided opinions of this Court, were more determined than ever to save our home planet. An assessment of current and projected reservoir water quality and suitability for listed fish species using available climate projections, for at least 50 years, would indicate whether or not such forecasted water quality and availability conditions can support wild, self-sustaining fish populations with the dams left in place. The executive who had overseen the organization's business in Europe, the Middle East and Africa since 2014 now heads the. No ones expectations of Patagonia are higher than our own. B Corps (benefit corporations) are a new kind of corporation legally required to: 1) have a corporate purposeto create a material positive impact on society and the environment; 2) redefine fiduciary duty to requireconsideration of the interests of workers, community and the environment; and 3) publicly report annuallyon overall social and environmental performance using a comprehensive, credible, independent, andtransparent third party standard. Were making Earth our only shareholder. Sept. 25, 2020: Patagonia Works has a new CEO: Ryan Gellert. Additionally, all companieswill have direct sales as a component. 0000013972 00000 n A-Rod, Marc Lore Raise Funds for Startup to Take on Ticketmaster, Richest German Getting $4.5 Billion Has Eye on UK Property, Bank of England Governor Signals Rate Rises May Be Needed, Italy Forced to Revise Deficits in Superbonus Tax-Break Legacy, ECB Should Reach Terminal Rate by September at Latest, Villeroy Says, Qatari Sheikh Says Hes No Football Fan as Son Chases Man United, Forget Chatbots, This Is How Corporate America Is Really Using AI, Twitch Streamer Kai Cenat Breaks Platforms Subscription Record, Bain Capital Ventures Closes $1.9 Billion inTech Investment Funds, Meta Accused of Trying to Extinguish Cambridge Analytica Claims, What You Need to Know About Nigerias New Leader Tinubu, China Leaders Surprised by Pace of Economys Rebound, Worlds Rich Take Advantage as $1 TrillionProperty Market Craters, The Only HackforHotel Discounts That Still Works Right Now, Dubais Luxury Property Market Is Closing In on New York, London, Feds Credibility Cant Take a Soft Landing, Wall Street Traders Have Lost Much of Their Swagger, Musk Was Right About Tesla Rivals Losing Billions, From Chips to TikTok, Gina Raimondo Is at the Center of Bidens China Policy, Russian Airlines Are Still Flying High Despite Sanctions, The NFLsTop Talent Agency Bought by Venture Investors, BNP Ordered to Pay A Banker Fired Years After Alleged Sexual Harassment, A New Era of Books Helps Black Workers Navigate Corporate America, Power of Trees and Soil to Absorb Carbon May Be Waning, Experts Warn, BlocPower Raises Funding to Expand Green Building Retrofits, Richest Atlanta District Inches Closer to Seceding From City, NYCs Shadow TransitNetwork SeeksaGreenerFuture, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. It means giving parents the resources they need to work and raise children. PATAGONIA WORKS FISCAL YEAR 2013 7 In 2011, in preparation for our conversion to a benefit corporation, Patagonia developed specific public benefit purposes to reflect our values and mission. One option was to sell Patagonia and donate all the money. We are committed to the lifelong work of being more inclusive, being anti-racists is essential to our mission to save life on our home planet, said Kris Tompkins, who was Patagonias first CEO and currently serves on the companys board of directors. Unlike a traditional holding company, whose primary purpose is to reduce risk through diversification of assets, Patagonia Works aims to invest in companies working to bring about positive change in five critical areas: clothing, food, water, energy and waste. Child-care support for parents on work trips. Message and data rates may apply. And while there will be more tough days ahead as we challenge norms, I am excited to do the work alongside Patagonias talented and passionate professionals. What is a B Corp (benefit corporation)? ` endstream endobj 2438 0 obj <>stream Because we know prioritizing durability results in consuming less energy, wasting less water and creating less trash. In this role, she will accelerate Patagonias mission by leading breakthrough ideas in materials, carbon-capturing business models and design. The approach included connecting individually with each core team member, business unit director and channel VPs as part of the pre-planning process. The Holdfast Collective owns 98% of the company and all of the nonvoting stock. Patagonia serves customers worldwide. Our team would welcome the opportunity for more dialogue. Ryan is the right person with the best experience and leadership approach to guide our company. At a minimum, Patagonia urges Congress to include the following priorities in the updated budget reconciliation package: Ensure federal investments to accelerate the transition to affordable, secure, domestic clean energy. I am dead serious about saving this planet.. Whats changed now is that the company has additional stewardship from the Patagonia Purpose Trust. Weve pledged 1% of sales to the preservation and restoration of the natural environment. The Chouinard family will guide the Patagonia Purpose Trust, electing and overseeing its leadership. What is Patagonia Works? Ryan Gellert, CEO of Patagonia and Patagonia board member said: CC: Brenda Mallory, Council on Environmental Quality Chair; Adrian Saenz, White House Office of Public Engagement; Gina McCarthy, White House National Climate Advisor; Ali Zaidi, Deputy White House National Climate Advisor. View Ironclad Guarantee Know how your clothes are made. 2430 0 obj <> endobj xref 2430 22 0000000016 00000 n In naming Gellert as CEO, Patagonias board of directors determined that his deep commitment to the companys mission and long-held values, as well as his international experience, best positioned Patagonia for success in these uncertain times. We will keep doing all of the great things that built Patagonia, and the company will keep doing its best to be a great employer. This is what we can do. If you are using a screen reader and having difficulty please call us at 1-800-638-6464. 11 ; Sharing Best Practices . The family will also guide the philanthropic work performed by the Holdfast Collective. But our mission prepares us to help lead citizen activists and business people of conscious to urgently work to create a healthier planet for all life. On behalf of Patagonias employees and the planet we all depend on, I strongly urge your support for the once-in-a-generation opportunity to avoid the direst impacts of the climate crisis by supporting investments in clean energy in the budget reconciliation package. Now I want to know, which companies will be next to step up? Dr. Her work focuses on fostering collaborative partnerships with a number of national nonprofits and decision-makers at the federal level to ensure access to and infrastructure for inspiring outdoor recreation opportunities. Heres how it works: 100% of the companys voting stock transfers to the Patagonia Purpose Trust, created to protect the companys values; and 100% of the nonvoting stock had been given to the Holdfast Collective, a nonprofit dedicated to fighting the environmental crisis and defending nature. Start-up or angel investments may be made in companies outside Patagonia Works that are not B Corps,members of 1% for the Planet or subscribers to a social and environmental performance index. h1 01K\Ax'MF[!!' (| endstream endobj 2431 0 obj <>/Metadata 172 0 R/Pages 163 0 R/StructTreeRoot 174 0 R/Type/Catalog/ViewerPreferences<>>> endobj 2432 0 obj <>/Font<>/ProcSet[/PDF/Text]/Properties<>/XObject<>>>/Rotate 0/StructParents 8/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 2433 0 obj <> endobj 2434 0 obj <> endobj 2435 0 obj <> endobj 2436 0 obj <> endobj 2437 0 obj <>stream Weve pledged 1% of sales to the preservation and restoration of the natural environment. Track orders, save products, easy hassle-free returns & exchanges. 0000001780 00000 n This unnecessary production would cause devastating, long-term destruction to the health of the planet and the Western Arctic ecosystem, which supports caribou, geese, loons, salmon, polar bears and bowhead whales, along with Indigenous communities who rely on these traditional food sources. In this role, she will accelerate Patagonias mission by leading breakthrough ideas in materials, carbon-capturing business models and design. 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. A founding member of 1% for the Planet, the company is recognized internationally for its product quality and environmental activism. Sign up for exclusive offers, original stories, activism awareness, events and more. 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