But that does not mean the company is going to become any less competitive or aggressive in meeting its business objectives.
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Ryan Gellert, now the CEO of Patagonia, speaking at the Copenhagen Fashion Summit 2019 at DR Koncerthuset on May 16, 2019 in Copenhagen, Denmark.
Lars Ronbog | Getty Images Entertainment | Getty ImagesThe conversations that led to the decision started internally a couple of years ago.
Gellert pointed out that the Patagonia founding family did pay $17.5 million on the 2 percent of stock that went into the Patagonia Purpose Trust.