Williams will continue to report to the CEO in this critical new role. 0000003003 00000 n Text STOP to cancel. 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. Will Patagonia Works wholly own any of the companies it invests in?Not necessarily. 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. The Patagonia Purpose Trust owns 2% of the company and all of the voting stock. 0000006513 00000 n 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. I am honored and humbled by the opportunity and keenly aware of the responsibility to lead this company in this critical time, stated Gellert. The Chouinard family will also guide the companys controlling shareholder, the Patagonia Purpose Trust, electing and overseeing Patagonias board of directors. Sincerely, Michael HiattSenior Attorney Earthjustice, 1 See, e.g., Bridget Deemer et al., Greenhouse Gas Emissions from Reservoir Water Surfaces: A New Global Synthesis, 66 BioSci. 11 ; Sharing Best Practices . Nonvoting stock carries economic value but not decision-making authority. During that time, heelevated Patagonia to a position of leadership in Europes outdoor industry and environmental communities, overseeing all sales, marketing, environmental and operational activities for the brand. 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. Jenna Johnson, who previously led Patagonias technical outdoor business, will serve as head of Patagonia, Inc., where she will oversee Patagonias apparel and equipment division as the company works to align its business more strongly with its mission and sport communities. Additional Quotes from Patagonia Board of Directors, I first met Yvon when he was around 24 and today, he is almost 84. 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. 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. Patagonia Works will also serve as an umbrella for new businesses the company invests in or develops in the future. 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. Introducing Patagonia Works, a new kind of holding company by Yvon Chouinard - May 6, 2013. . See the original here. The company shared the news first with its employees in a global town hall event on September 14, 2022. Weve pledged 1% of sales to the preservation and restoration of the natural environment. 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 not the case. By providing your email address, you agree to our Privacy Policy and Terms of Service. 0000002888 00000 n Our participation helps us to stay at the forefront in developing environmentally conscious textiles, and enables us to share our experience with others from our many years using organic cotton and recycled fabrics. If you are using a screen reader and having difficulty please call us at 1-800-638-6464. Founded by Yvon Chouinard in 1973, Patagonia Works (Patagonia) is a certified B Corporation based in Ventura, California. We helped initiate the Sustainable Apparel Coalition. Earthjustice appreciates the Subcommittees focus on increasing the role of Tribes and Native groups in hydropower development, and the recognition that hydropower facilities cause significant harms to fish, wildlife, and ecosystems. Soon after, the website Patagonia.com was updated to state that Earth is now our only shareholder and to include a letter from founder Yvon Chouinard. 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Patagonias board of directors also made two big changes within the leadership team by elevating Jenna Johnson and Lisa Williams to larger roles. One option was to sell Patagonia and donate all the money. September 14, 2022 No ones expectations of Patagonia are higher than our own. 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. Some Patagonia Works investments could be smaller seed investments to fledgling, responsiblecompanies in need of capital. What is a B Corp (benefit corporation)? Each will be organized as a B Corp (benefit corporation), be amember of 1% for the Planet and utilize the Higg Index or other appropriate footprint-based measurementof social and environmental performance. What does this mean for Patagonia employees? 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. 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. Its unique ownership structure reflects that Earth is its only . 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. Were in business to save our home planet. 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. The estimated total pay for a Director at Patagonia is $260,402 per year. Williams will continue to report to the CEO in this critical new role. In addition, he was a founding individual member of 1% for the Planet. Please remove some items to proceed. 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. Neither of these programs lead to self-sustaining ESA recovery goals and metrics. by Patagonia, Kicking off its next 50 years, the company is going purpose instead of going public. 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. Everything we make has an impact on people and the planet. Finally, we request that the Final Report focus on the planning and programs needed to reach an ultimate goal: full recovery and delisting of endangered species. A copy of the rulemaking petition to EPA is attached, and we are happy to provide additional information on this issue. 2023 Patagonia, Inc. All Rights Reserved. 0000010398 00000 n Buy used, trade in and fix your gear through Worn Wear. How does Patagonia, the clothing brand, fit into Patagonia Works?Patagonia will live under the Patagonia Works umbrella. Since 2014, Gellert has overseen Patagonias business in Europe, the Middle East and Africa. Patagonia Board of Directors Names Ryan Gellert Chief Executive Officer of Patagonia Works and Promotes Jenna Johnson to Lead Patagonia, Inc. September 24, 2020 by Patagonia VENTURA, Calif. (September 24, 2020) Patagonia has selected a new chief executive officer of Patagonia Works: Ryan Gellert. Ambitions dont get much bigger than that. No. Effective immediately, the Chouinard family has transferred all ownership to two new entities: Patagonia Purpose Trust and the Holdfast Collective. 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. The Willow Project calls for construction of up to five drill pads with up to 50 wells on each pad, a road system, an airstrip, pipelines, a gravel mine and more. 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. Founded by Yvon Chouinard in 1973, Patagonia Works ("Patagonia") is a certified B Corporation based in Ventura, California. Could Patagonia Works be considered an incubator for environmentally and socially responsiblecompanies?Absolutely. 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. 0000001780 00000 n Angling Trade, LLC. What is the Holdfast Collective and what does it do? Were in business to save our home planet. 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. 0000002368 00000 n Twitter Instagram Facebook Google+ | Patagonia.com. This is our purpose. Flexible shipping options are available. They will also guide the philanthropic work performed by the Holdfast Collective. But while we and others do take meaningful steps to mitigate the impact we have on the planet, Patagonias new ownership structure introduces a new model that goes far beyond anything that exists today. Truth be told, there were no good options available. In 2000, Kristine Tompkins founded Conservacion Patagonica. Like Lost Arrow Corporation, Patagonia Works will offer its member companies value through collective services such as accounting, legal, human resources, etc. Ryan holds a JD from the S.J. Twitter Instagram Facebook Google+ | Patagonia.com. In all those years, his vision has never wavered. Patagonias mission statement inspired the creationof Patagonia Works, and that mission statement will be infused into each company and brand extensionwithin Patagonia Works. 0000003088 00000 n Patagonia Inc. Patagonia, Inc. operates as an apparel store. Dam and reservoir operations also emit GHGs from several other emission points, including hydropower turbines, spillways, and downstream discharges. In this role, she will accelerate Patagonias mission by leading breakthrough ideas in materials, carbon-capturing business models and design. We are committed to the lifelong work of being better anti-racists and to being more inclusive as we live up to our mission of saving the planet, said Kris Tompkins, who was Patagonias first CEO and currently serves on the companys board of directors. What are the responsibilities of Patagonia Works as the holding company?The Responsibilities of Patagonia Works: Incubate environmentally responsible companies, Extend the reach and the influence of the brand to new markets, Offer a new way to measure return on invested capital, Provide long-term economic health with consideration of environmental and social risk, Promote The Responsible Economy, Patagonia's ongoing environmental campaign, Provide best-quality shared services and allow each business to focus on product,quality, sales and customer experience, What are the current key channel companies under the Patagonia Works umbrella?Patagonia, Inc. (apparel)Patagonia Provisions, Inc. (food)Lost Arrow, Inc. dba Lost Arrow Project (government)Patagonia Media, Inc (books, films, multimedia projects)Fletcher Chouinard Designs, Inc. (surfboards)Tin Shed Ventures, LLC (investments)Worn Wear, Inc. (used and upcycled apparel). 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. This elite creative team also includes Tin Shed Ventures and Patagonias repair, share and recycle business, Worn Wear. Prior to his appointment to this global role, Ryan spent six years as Patagonias general manager of Europe, the Middle East and Africa. In 2018, we changed our official reason for being to amplify . 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. Concerned about the environmental impact? What is $20 Million & Change?$20 Million & Change is the internal fund set up by Patagonia Works to help like-minded start-up companies. 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. Since 2014, he has elevated Patagonia to a position ofleadership in Europes outdoor industry and environmental communities. Prior to his time at Patagonia, Gellert was president of Black Diamond, where he worked for nearly nine years and prior was a volunteer legal intern with the ACLU of Utah. September 15, 2022, 5:30 AM PDT. But are these incentives worth packing a moving van? Twitter Instagram Facebook Google+ | Patagonia.com. 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. Text STOP to cancel. Sign up for exclusive offers, original stories, activism awareness, events and more. Subsidized, on-site high-quality child care. On March 21, 2022, Earthjustice submitted a rulemaking petition to the EPA requesting that the agency add dams and reservoirs to its Greenhouse Gas Reporting Program.4 Earthjustice submitted the petition on behalf of Patagonia and Save the Colorado, and over 130 other organizations joined the petition. Hear the latest economic, business and market news, as well as global, national, and local news. As noted in a recent petition to the EPA signed by more than 140 organizations, Petition-for-rulemaking-to-add-dams-and-reservoirs-as-a-source-category-under-the-Greenhouse-Gas-Reporting-Program.pdf (tellthedamtruth.com), a growing body of research shows significant greenhouse gas emissions (including CO2 and CH4) from reservoirs and other dam and reservoir operations. Here's how it works: 100% of the company's voting stock transfers to the Patagonia Purpose Trust, created to protect the company's 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. Acting together, Patagonias board and the Patagonia Purpose Trust will work for the companys continued success over the long term while ensuring it stays true to its purpose and values. 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 Holdfast Collective (Collective for short) will use every dollar received to fight the environmental crisis, protect nature and biodiversity, and support thriving communities, as quickly as possible. The Chouinard family will guide the Patagonia Purpose Trust, electing and overseeing its leadership. 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. But we couldnt be sure a new owner would maintain our values or keep our team of people around the world employed. As a 501(c)(4) not-for-profit organization, the Collective can advocate for causes and political candidates in addition to making grants and investments in our planet. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Whats the ideal age to start teaching a kid fly fishing? 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. Because we know prioritizing durability results in consuming less energy, wasting less water and creating less trash. I believe this plan that he and his family helped create is tectonic. I am honored and humbled by the opportunity andkeenly aware of the responsibility to lead this company in this critical time, stated Gellert. It means supporting employees choices around if or when they have a child. Additionally, all companieswill have direct sales as a component. 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. /E}HMZ)&pRCyDi;8,:n}>t {FUv~S;,.]?mZg^eC0zweubvm!W~.}Anyn;UkfeCU8EjT]>^"k\BMUpI.lXcPcXcPcXcR!%["0[r/,KEEGGGGGGEE___`]"c^nn+,"#4p/Duw !t,c|i4 Patagonia serves customers worldwide. Explore our guide to Patagonia. Is going Purpose instead of going public companys controlling shareholder, the Patagonia Purpose Trust, electing overseeing! 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