This is what we can do. In 2000, Kristine Tompkins founded Conservacion Patagonica. They wanted us to both protect the purpose of the business and immediately and perpetually release more funding to fight the environmental crisis. 0000049731 00000 n Yes. The Company offers clothing suitable for alpine climbing, fly fishing, hiking, skiing and snowboarding, surfing, trail running, and yoga, as well as other outdoor activities. 949, 94950, 95461 (Nov. 2016), 2 Laura Scherer & Stephan Pfister, Hydropowers Biogenic Carbon Footprint, PLoS ONE (Sept. 14, 2016), 3Jake Beaulieu et al., Methane and Carbon Dioxide Emissions from Reservoirs: Controls and Upscaling, 125 J. Geophysical Rsch. Weve pledged 1% of sales to the preservation and restoration of the natural environment. The stakes could not be higher. Its unique ownership structure reflects that Earth is its only shareholder: Profits not reinvested back into the business are paid as dividends to protect the planet. We started with our products, using materials that caused less harm to the environment. H\I0:.BD U@nh^ZzA"/U[ .5$`UG*G7-U\=,q#h9pw> /:$ 6`o*F*P` xXioo_B48 =7PnkxMAech9s"0`Ml~j.ji;y\F/\eZ{PpWa0~Y:jlO-w'!xYh=8~^US8J+wD. Ryan is the right person with the best experience and leadership approach to guide our company. 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. . Family members 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, our CEO. 0000001780 00000 n Everything we make has an impact on people and the planet. Alongside this announcement, Jenna Johnson has been promoted from leader of Patagonias technical outdoor biz to Head of Patagonia Inc. Press Release: The company projects that it will pay out an annual dividend of roughly $100 million, depending on the health of the business. 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.This is what we can do. The estimated base pay is $153,865 per year. Buy used, trade in and fix your gear through Worn Wear. The Chouinard family will also guide the companys controlling shareholder, the Patagonia Purpose Trust, electing and overseeing Patagonias board of directors. Now I want to know, which companies will be next to step up? Dr. The funding will come from Patagonia: Each year, the money we make after reinvesting in the business will be distributed as a dividend to help fight the crisis. 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). Despite its immensity, the Earths resources are not infinite, and its clear weve exceeded its limits. OnStrategy facilitated the process to develop Patagonia's 2020-25 strategic direction. This elite creative team also includesTin Shed Venturesand Patagonias repair, share and recycle business,Worn Wear. If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Patagonia will continue to donate 1% of sales each year to grassroots environmental nonprofits. Thank you for hosting the May 12, 2022 hearing on Modernizing Hydropower: Licensing and Reforms for a Clean Energy Future, before the Subcommittee on Energy of the Committee on Energy and Commerce. }gt%vP5pO*,K. He wanted to do things his own way and on his own terms. Thank you for your efforts to deliver a holistic solution to this problem. hb```b`` a`e````@ G d`5,,;V1cec`gc)4Ei[awY*YzX21Uu5?V=lO2f(cC"[@s*ECB-l[@NO.*`2U84fv&Gv:m3cSK[Tb.P8"")Qr)\vYsrGPbGMx ? The company has pulled its vests and jackets after a co-owner of the resort hosted a right-wing fundraiser with, among others in attendance, Rep. Marjorie Taylor Greene. If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way. This is our purpose. This is not an excuse to ignore the real tension well continue to face between growth and the environmental impact of our operations. Track orders, save products, easy hassle-free returns & exchanges. Chouinard, his wife and two adult children CHILDREN 0.0% have transferred their ownership of Patagonia, valued at about $3 3 0.0% billion, to a specially designed trust and a nonprofit. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality andresponsibility. Save my name, email, and website in this browser for the next time I comment. VENTURA, Calif. (September 14, 2022) Patagonia announced new ownership today, nearly 50 years since founder Yvon Chouinard began his experiment in responsible business. Will Patagonia just max out sales so it can give away more money each year. 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. 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This is not the case. In all those years, his vision has never wavered. I am honored and humbled by the opportunity andkeenly aware of the responsibility to lead this company in this critical time, stated Gellert. Each year, profits that are not reinvested back into the business will be distributed by Patagonia as a dividend to the Holdfast Collective to help fight the climate crisis. The work ahead promises to be more important and satisfying than anything we have done so far, and we are beyond excited for what the future holds.. Notably, a 2020 scientific study co-authored by a U.S. Environmental Protection Agency (EPA) researcher estimated that reservoirs in Ohio are the states fourth largest anthropogenic source of methane emissions.3. Continuing to disregard this issue would ignore an important factor regarding future hydropower decisions and further exacerbate the climate crisis. And that bestows on our family a serious responsibility. 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. This is what we can do. 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. 21, 2022). 0000049772 00000 n That said, Patagonia, the company my wife and I founded four decades ago, has grown up to by global standards a medium-size business. Please remove some items to proceed. 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. Twitter Instagram Facebook Google+ | Patagonia.com. If we have any hope of a thriving planetmuch less a thriving business50 years from now, it is going to take all of us doing what we can with the resources we have. 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. In this role, she will accelerate Patagonias mission by leading breakthrough ideas in materials, carbon-capturing business models and design. In this role, she will accelerate Patagonias mission by leading breakthrough ideas in materials, carbon-capturing business models and design. an organization of companies that produces more than a third of the clothing and footwear on the planet. The Patagonia Purpose Trust now owns all the voting stock of the company (two percent of the total stock) and exists to create a more permanent legal structure to enshrine Patagonias purpose and values. September 14, 2022 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. Founded by Yvon Chouinard in 1973, Patagonia is an outdoor apparel company based in Ventura, California. Weve pledged 1% of sales to the preservation and restoration of the natural environment. Ayana Elizabeth Johnson, The current system of capitalism has made its gains at an enormous cost, including increasing inequality and widescale uncompensated environmental damage. Williams will continue to report to the CEO in this critical new role. 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. Patagonias board of directors also made two big changes within the leadership team by elevating Jenna Johnson and Lisa Williams to larger roles. Ambitions dont get much bigger than that. What is the Holdfast Collective and what does it do? In addition, he was a founding individual member of 1% for the Planet. 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. The work ahead promises to be more important and satisfying than anything we have done so far, and we are beyond excited for what the future holds.. 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. Patagonia Works ("Patagonia") is a certified B Corporation based in Ventura, California. Three examples: Every year for 30 years, Patagonia has donated one percent of its sales to grassroots environmental organizations. The Holdfast Collective owns 98% of the company and all of the nonvoting stock. For example, a scientific study shows that Hoover Dam and Lake Mead emit approximately 12.3 million metric tons of carbon dioxide equivalent (CO2e) annually, while Kentucky Lake annually emits over 1.8 million metrics tons of CO2e.2 Moreover, the collective GHG emissions of dams and reservoirs are significant. View Ironclad Guarantee Know how your clothes are made. Investments of any size will be limited to like-minded, responsible businesses. Our senior strategists, Erica Olsen and Kim Perkins, facilitated a series of eight, 1-day strategy sessions . Find contact's direct phone number, email address, work history, and more. We can save our planet if we commit to it. 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. Who is the CEO and President of Patagonia Works?Ryan Gellert is chief executive officer (CEO) of Patagonia Works and Patagonia, Inc. Flexible shipping options are available. Before joining Patagonia, he spent 15 years at Black Diamond Equipment, where he held a number of roles, including brand president, vice president of supply chain management and managing director of Black Diamond Asia. VENTURA, Calif. (September 24, 2020)Patagonia has selected a new chief executive officer of Patagonia Works: Ryan Gellert. No ones expectations of Patagonia are higher than our own. Why will each company under Patagonia Works beorganized as a B Corp? Ryan holds a JD from the S.J. The Chouinard family will guide the Patagonia Purpose Trust, electing and overseeing its leadership. Today, my family and I are happy to launch $20 Million and Change, an internal fund to help like-minded, responsible start-up companies bring about positive benefit to the environment. Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. Everything we do needs to ladder back to our mission of being in business to save our home planet, and we need to do that in a way that is just, equitable and inclusive of all people. Gellert has overseen . 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. They will also guide the philanthropic work performed by the Holdfast Collective. Create a free Patagonia account. 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. In 2018, we changed our official reason for being to amplify . And its true to form for my life-long friend and fellow environmentalist, Yvon Chouinard. Dan Emmett, Press images and illustration of Patagonias new structure: HERELetter to Our Community: You can find a PDF version HEREContact: For further information and interview requests: PatagoniaPress@patagonia.com. 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