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☆ Patagonia's profit giveaway sought to turn capitalism upside down — but it hasn't been stress-free
▼ + stars: | 2024-11-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A landmark decision from outdoor clothing brand Patagonia to dedicate its profits to fight the climate crisis didn't surprise its employees — but that's not to say the process has been stress-free. The move, which made headlines for being a novel marriage of capitalism and charity, prompted some to question whether the transformation would encourage others to follow suit. "They didn't want to sell the company because at the end of the day, yes, they could take the profits out but then it is a one-off situation," Hajikhanian said. "What it was really all about was to create a new way of capitalism, you know, to turn capitalism upside down and inspire other businesses to do things differently — and it felt like a real natural step," she added. "It may have been a really big moment, but for us, it was quite normal."

Persons: Yvon Chouinard, Nina Hajikhanian, Hajikhanian Organizations: Patagonia EMEA, CNBC Locations: Patagonia

☆ Patagonia lays off staff and launches a 'business transformation' to set it up for the next 50 years
▼ + stars: | 2024-10-01 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

Patagonia laid off 41 members of staff on Monday as part of a major business transformation. AdvertisementPatagonia laid off 41 members of staff on Monday and announced a major business transformation aimed at preparing the company for the next 50 years. The CEO told staff that the layoffs were "a sad and difficult decision" but were part of the company's transformation for the "next chapter." New roles are being created, some are being eliminated and many are evolving," Gellert told staff in the internal email. Gellert told staff to expect more details over the coming days, weeks, and months.

Persons: Ryan Gellert, —, Gellert, Diego Donamaria, Yvon Chouinard, Chouinard, Campbell Brewer, Vincent Stanley, Stanley Organizations: Service, BI, Walmart Locations: Patagonia, Ventura, Reno

☆ Patagonia gave 90 staff a choice — relocate across the US or leave the company. They've got 3 days to decide.
▼ + stars: | 2024-06-27 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

CX employees must now live within 60 miles of one of seven "hubs" — Atlanta, Salt Lake City, Reno, Dallas, Austin, Chicago, or Pittsburgh. AdvertisementPatagonia verified the details of the announcement to BI, confirming that 90 of 255 CX staff in the US were affected. Both employees BI spoke to said they were accepting the severance and did not know anyone who was considering relocation. AdvertisementPatagonia spokesperson Corley Kenna told BI several employees had already indicated they would relocate. Advertisement"The reality is that our CX team has been running at 200% to 300% overstaffed for much of this year," Kenna told BI.

Persons: —, Amy Velligan, Bruce Old, George Frey, I've, Corley Kenna, Kenna, We've, Yvon Chouinard, Harris, Chouinard, Jean, Marc Giboux, Yvon Chouinard's, Yvon, it's Organizations: Service, Business, Workers, Walmart, Patagonia, BI, Reno, New York Times, Washington Post Locations: Patagonia, Atlanta, Salt Lake City, Reno, Dallas, Austin, Chicago, Pittsburgh, California, Ventura, Nevada

☆ Patagonia’s Profits Are Funding Conservation — and Politics
▼ + stars: | 2024-01-30 | by ( David Gelles | Kenneth P. Vogel | ) www.nytimes.com time to read: +1 min

A little more than $3 million to block a proposed mine in Alaska. Another $3 million to conserve land in Chile and Argentina. And $1 million to help elect Democrats around the country, including $200,000 to a super PAC this month. Patagonia, the outdoor apparel brand, is funneling its profits to an array of groups working on everything from dam removal to voter registration. The gusher of philanthropic money is the product of an unconventional corporate restructuring in 2022, when Patagonia’s founder, Yvon Chouinard, and his family relinquished ownership of the company and declared that all its future profits would be used to protect the environment and combat climate change.

Persons: Yvon Chouinard Organizations: The Times Locations: Alaska, Chile, Argentina, Patagonia

☆ Patagonia’s Yvon Chouinard On the High Stakes of Low Quality - The New York Times
▼ + stars: | 2023-11-23 | by ( Yvon Chouinard | ) www.nytimes.com time to read: +1 min

Over 50 years ago, my wife, Malinda, and I bought a chef’s knife of carbon steel that we still use. Compare that to the junk stainless steel ones that might not rust but that won’t hold an edge to cut a tomato. The culprit: our overconsumption of stuff, from shoddy tools to fast fashion that is trendy one day, trash the next. Turning these and other raw materials into final products releases one-fifth of all carbon emissions. Research links demand for goods in Western Europe and the United States to the premature deaths of more than 100,000 people in China because of industrial air pollution.

Persons: Malinda Locations: Western Europe, United States, China

☆ Patagonia boss shares the No. 1 responsibility all CEOs have right now—it takes 'courage' to pull off
▼ + stars: | 2023-09-20 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Patagonia CEO Ryan Gellert has a simple message for other leaders across corporate America: Start taking your responsibility to the environment seriously. "I think common sense tells us that the climate ecological crisis is one of the biggest threats facing humanity." Thousands of CEOs across the world say evolving to more environmentally-conscious business models is essential for the longevity of their companies, the 26th annual PwC Global CEO Survey found. CEOs with the "courage" and "consistent willingness to do the work" could reap similar benefits, Gellert said. DON'T MISS: Want to be smarter and more successful with your money, work & life?

Persons: Ryan Gellert, Gellert, Yvon Chouinard, aren't, Axios Harris Organizations: PwC Global, Survey, Harvard, McKinsey & Co, Costco, Apple, CNBC Locations: Patagonia, America

☆ These are the 7 most loved brands in America—Apple and Amazon just missed the cut
▼ + stars: | 2023-05-31 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

They then asked respondents to rank those brands across nine reputation-gauging categories. 1 among all listed companies in the "trust," "culture" and "growth" categories. John Deere rounded out the top three, ranking second among all listed companies in the "products and service" and "culture" categories. Tech giants Amazon and Apple barely missed the cut, respectively ranking eighth and 10th — but both still obtained an "excellent" overall score, the highest tier possible on the report. Apple rose 11 spots, most significantly improving in the "culture" and "trust" categories.

Persons: Joe's, Axios Harris, pollsters, Yvon Chouinard, Richard Galanti, John Deere, Tim Cook, Cook, Kelly Evans Organizations: Costco, Patagonia Costco, Deere, Toyota Motor Corporation Samsung Quality, Patagonia Purpose Trust, Holdfast, Tech, Amazon, Apple, CNBC Locations: U.S, Patagonia

☆ 2 questions that helped Patagonia's CEO go from packing boxes for $6 an hour to leading a $3 billion brand
▼ + stars: | 2023-03-18 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

Patagonia CEO Ryan Gellert is seen on stage during the "Earth Is Now Our Only Shareholder" keynote session during 2023 SXSW Conference and Festival on March 12, 2023 in Austin, Texas. Patagonia CEO Ryan Gellert is the first to admit that he's "the last person anybody should ask career advice," he said in conversation with Katie Couric at the South by Southwest conference in Austin, Texas, recently. "And they said, 'No, we'd love to offer you $6 an hour to come pack boxes in the warehouse.' What he learned from Patagonia's founderGellert became Patagonia's CEO in 2020 in the midst of the Covid-19 pandemic and racial justice protests erupting around the country. Step by step, Gellert says, Chouinard will ask himself: "What did I learn?

☆ Ryan Gellert Wants Patagonia to Be Part of the Environmental Solution
▼ + stars: | 2023-02-03 | by ( Emily Bobrow | ) www.wsj.com time to read: +1 min

Calls to “overhaul” capitalism rarely come from the C-suite, but Patagonia CEO Ryan Gellert doesn’t mince words. “Businesses for far too long have hidden behind this narrative that their number one role is to maximize shareholder wealth. That’s a fine little academic conversation to have, but we’ve outgrown it,” he says over video from his office at Patagonia’s headquarters in Ventura, Calif. Last September, Yvon Chouinard, Patagonia’s founder, announced that he was donating the company to a trust and a nonprofit that would use its earnings—some $100 million a year—to fund efforts to fight climate change. “Earth is now our only shareholder,” declared Mr. Chouinard.

☆ Late Subway co-founder's stake donated in potential tax shield
▼ + stars: | 2023-02-01 | by ( Abigail Summerville | ) www.reuters.com time to read: +2 min

It will shield both the estate and the foundation from a big tax bill were Subway to be sold. Reuters reported in January that Subway was exploring a sale with the help of a financial adviser. A Subway spokesperson said the company does not comment on ownership structure and business plans. Buck, who was a nuclear physicist, and co-founder Fred DeLuca started Subway in 1965 after DeLuca asked Buck for advice on how to pay for his college tuition. Reporting by Abigail Summerville in New York; Editing by Anirban Sen and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Patagonia's founder, who gave his company to a non-profit, loves saving money. From eating cat food to living in beach shacks, here are some of the wackiest examples.
▼ + stars: | 2022-12-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Patagonia founder Yvon Chouinard has had a frugal lifestyle since his early days as a climber and surfer. This includes eating cat food and taking soda bottles from trash cans to redeem for money. Even now, Chouinard still wears old clothes and drives a rundown Subaru, The NY Times reported. Before founding Patagonia, Chouinard made a living selling climbing equipment from the back of his car. In 1966, Chouinard set up a base for his equipment business, Chouinard Equipment, in a rented tin boiler room of an abandoned packing company slaughterhouse in California.

☆ Valentino designer Piccioli, model Bella Hadid win at Fashion Awards
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Designer Pierpaolo Piccioli and his wife Simona Caggia pose on the red carpet at the Fashion Awards 2022 in London, Britain, December 5, 2022. REUTERS/Henry NichollsLONDON, Dec 5 (Reuters) - Valentino designer Pierpaolo Piccioli and model Bella Hadid were among the winners at the Fashion Awards in London on Monday. Piccioli, who is creative director of the Italian luxury brand, was named designer of the year at the annual event. Hadid, a regular on the catwalks of fashion capitals Milan, Paris, London and New York took the title of model of the year. "To me fashion has a responsibility, I feel (I) have a voice and I want to use my voice even for who doesn't have a voice," Piccioli told Reuters on the red carpet before the awards.

☆ Is Patagonia the end game for profits in a world of climate change?
▼ + stars: | 2022-11-20 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +5 min

As far back as 1985, Patagonia deployed portions of its profits to the environment, via an "Earth tax." "The Patagonia model is a little more sophisticated." It often is very attractive from a corporate tax perspective, too, which has been noted of both the Ikea and Patagonia business models. One hundred percent of Patagonia profits are now committed to its new non-profit Holdfast Collective — which owns all of the company's non-voting stock (98% of the total stock). "What people fail to understand about Patagonia, both the past and the future, is that we are unapologetically a for-profit business, and we are extremely competitive," Ryan Gellert said.

Hi, I'm Matt Turner, the editor in chief of business at Insider. On the agenda today:But up first: Each year, Insider surfaces 100 leaders across 10 industries who are driving unprecedented change and innovation. Ashley Davis from our special projects team is here to take us behind the scenes of this year's list. InsiderIn the past 12 months, business leaders have faced inflation, a polarized political climate, persistent supply-chain issues, the Great Resignation, a real-estate boom, and more. Our editors carefully selected the power players, activists, and pioneers who are shaping the future.

☆ Late Danilo header earns PSG victory at Lorient
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - Danilo's late header helped unbeaten Ligue 1 leaders Paris St Germain beat a lively Lorient side 2-1 at the Stade du Moustoir on Sunday, after Terem Moffi's brilliant second-half goal had cancelled out Neymar's early opener for the visitors. Lorient's top-scorer Moffi made amends nine minutes into the second half after being set up by Enzo Le Fee's through ball, rifling his shot over PSG goalkeeper Gianluigi Donnarumma for his ninth league goal of the season. Moffi was inches away from putting Lorient ahead but his shot struck the crossbar and the hosts weathered an intense period of pressure from PSG before Danilo powered his header from Neymar's corner past Mannone in the 81st minute. PSG, with 38 points from 14 games, restored their five-point cushion over second-placed Lens while Lorient remained fourth, level on 27 points with Rennes before their Brittany rivals travel to Lille later on Sunday. Reporting by Hritika Sharma in Bengaluru, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ High-profile Haitian politician killed in apparent gang attack, reports say
▼ + stars: | 2022-10-29 | by ( ) www.reuters.com time to read: +1 min

PORT-AU-PRINCE, Oct 29 (Reuters) - A well-known Haitian politician was killed in an apparent gang attack in an affluent suburb of the capital Port-au-Prince, Haitian media reported on Saturday, amid a gang blockade of a fuel terminal that has created a humanitarian crisis. It was not immediately evident who was responsible for the attack. Laboule 12 is now increasingly under the control of a gang called Ti Makak, which in recent years has risen from obscurity to become a powerful criminal group involved in extortion and kidnappings. The murder follows the August assassination of former Haitian senator Yvon Buissereth in the same area, a crime that one state official attributed to Ti Makak. Reporting by Harold Isaac in Port-au-Prince and Brian Ellsworth in Sao Paulo; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

☆ How Gregg Lemkau went from Goldman CEO contender to building a hybrid investment bank catering to billionaires
▼ + stars: | 2022-10-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

Gregg Lemkau was in the running for CEO before he left Goldman Sachs in 2020. Now he runs Michael Dell's investment firm, which is merging with billionaire advisory BDT. When Gregg Lemkau left Goldman Sachs in late 2020 to run Michael Dell's investment firm, many within and outside the bank were surprised. Cardinale, who had left Goldman a decade ago to start his own investment firm, knew it had to be a massive opportunity to pull away Lemkau. Oldest sibling Kristin runs JPMorgan's US wealth management business and Lemkau's younger brother Chip is a managing director at Goldman Sachs in private wealth management.

☆ 16 of the biggest controversies in Hobby Lobby's 50-year history — from denying contraceptives for employees to illegally smuggling ancient tablets
▼ + stars: | 2022-10-21 | by ( Bethany Biron | Heather Schlitz | ) www.businessinsider.com time to read: +2 min

We took a closer look at Hobby Lobby's biggest controversies over its nearly 50-year history. The arts-and-crafts store — led by the conservative Christian founder and CEO David Green and his family — has a long history of scandals. Most recently, this included the DOJ confiscating an ancient tablet from Hobby Lobby that had been smuggled into the US. In its most prominent incident, Hobby Lobby faced scrutiny for its battle against paying for insurance coverage of contraceptives for employees, culminating in a high-profile and divisive Supreme Court case. We took a closer look at Hobby Lobby's scandals over the years, including accusations of discrimination, illegally smuggling artifacts, and endangering employees during the coronavirus pandemic.

☆ Strategies to navigate the $68 trillion 'great wealth transfer,' according to top-ranked advisors
▼ + stars: | 2022-10-17 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

At the same time, the greatest generational wealth transfer in history is underway, with baby boomers set to pass to their children more than $68 trillion. Here are four key considerations to help families prepare, according to CNBC's top-ranked financial advisors. Family legacyThe first hurdle is often bringing generations together to discuss their family legacy, advisors say. "Parents have gotten used to managing their wealth over 20, 30 or 40 years; kids have less than a year." "Financial literacy is a huge part of this wealth transfer," Mirsberger also added.

☆ Patagonia's founder just gave the company away — the latest unusual step in a history of corporate innovations, from being an early adopter of paid parental leave to donating $145 million to the envir
▼ + stars: | 2022-09-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

It gives 1% of sales to environmental causes and was an early adopter of organic cotton and paid parental leave. Staff can take time off to surf and nurse their babiesSince he founded the company, Chouinard has wanted staff to enjoy their jobs. "We encourage our parents to interact with their child by breast-feeding, having lunch together, or visiting at any time," Chouinard wrote. In 1991, Chouinard started leading weeklong seminars where corporate employees would camp out together and learn about Patagonia's business and environmental values. "Our mission statement says nothing about making a profit," Chouinard wrote in his autobiography.

☆ Patagonia's founder, who just gave his company to a non-profit, loves saving money. From eating cat food to living in beach shacks, here are some of the wackiest examples.
▼ + stars: | 2022-09-21 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Patagonia founder Yvon Chouinard has had a frugal lifestyle since his early days as a climber and surfer. This includes eating cat food and taking soda bottles from trash cans to redeem for money. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Before founding Patagonia, Chouinard made a living selling climbing equipment from the back of his car. In 1966, Chouinard set up a base for his equipment business, Chouinard Equipment, in a rented tin boiler room of an abandoned packing company slaughterhouse in California.

☆ Patagonia's bold move to donate the entire company to fight climate change only works if it stays competitive in business, CEO says
▼ + stars: | 2022-09-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

But that does not mean the company is going to become any less competitive or aggressive in meeting its business objectives. related investing news KeyBanc says buy Diamondback Energy, which can rally 25% as U.S. struggles to meet oil demand "We are extremely competitive. 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.

☆ Patagonia CEO Ryan Gellert breaks down the founder's decision to give away the company
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPatagonia CEO Ryan Gellert breaks down the founder's decision to give away the companyPatagonia CEO Ryan Gellert joins CNBC's 'Squawk Box' to discuss the company's founder Yvon Chouinard's decision to give away the company and use the profits to combat climate change and protect land.

☆ Watch CNBC's full interview with Patagonia CEO Ryan Gellert
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Patagonia CEO Ryan GellertPatagonia CEO Ryan Gellert joins CNBC's 'Squawk Box' to discuss the company's founder Yvon Chouinard's decision to give away the company and use the profits to combat climate change and protect land. Gellert also outlines how the company's fight against climate change helps recruit new customers over other brands. "We take positions with the environment at the center consistently and vocally," Gellert tells CNBC.

☆ The rise of Patagonia: How rock climber and activist Yvon Chouinard created one of the world's biggest outdoor brands from the trunk of his car
▼ + stars: | 2022-09-17 | by ( Bethany Biron | ) www.businessinsider.com time to read: 1 min

In an unprecedented move, Chouinard announced this week he is giving away Patagonia, with all profits going into a new trust established to fight climate change. "Instead of 'going public,' you could say we're 'going purpose.' Instead of extracting value from nature and transforming it into wealth for investors, we'll use the wealth Patagonia creates to protect the source of all wealth," he wrote in a statement on Wednesday.

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