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.. What is $20 Million & Change?$20 Million & Change is the internal fund set up by Patagonia Works to help like-minded start-up companies. Where restrictions exist, travel, lodging and food are covered. And while he is in good health now, he wanted to have a plan in place for the future of the company and the future of the planet. 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 ? 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). Essential to this is ensuring a robust public process that allows time for a diversity and depth of input, especially during busy summer months (and subsistence seasons). Additional Quotes from Patagonia Board of Directors . 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. Ryan holds a JD from the S.J. Founded by Yvon Chouinard in 1973, Patagonia Works ("Patagonia") is a certified B Corporation based in Ventura, California. Failure to recover endangered salmonids would be a failure to honor treaties between the U.S. government and tribes. And that bestows on our family a serious responsibility. It will make the company more competitive and its employees around the world will forever be empowered by purpose. Kristine McDivitt Tompkins, Every time you read a new scientific report, it's clear the climate crisis is happening faster than we thought and it's worse than we thought. Child-care support for parents on work trips. Buy used, trade in and fix your gear through Worn Wear. Its clear from our early reading of todays opinion that the Court has restricted the executive branchs ability to protect those who are most affected by climate change and to support communities on the front lines of climate activism. Now I want to know, which companies will be next to step up? Dr. 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. Our Board of Directors Carolyn Shafer, President, has been part of the PARA board since 2012. Since 2014, Gellert has overseen Patagonia's business in Europe, the Middle East and Africa. 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. 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. 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. Since 2014, Gellert has overseen Patagonias business in Europe, the Middle East and Africa. 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. 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. We started with our products, using materials that caused less harm to the environment. Ryan Gellert as CEO and the leadership team, together with all of Patagonias employees, will continue to run the business under the direction of the board of directors. We must aim for this ultimate goal: bringing wild species back to natural, self-sustaining abundance. Need it sooner? 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. Learn more about our environmental and social responsibility program. Voting stock has both economic value and decision-making authority. Ryan is the right person with the best experience and leadership approach to guide our company. This elite creative team also includesTin Shed Venturesand Patagonias repair, share and recycle business,Worn Wear. 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. They are the future of business if we want to build a better world, and that future starts with what Yvon is doing now. Charles Conn, chair of the board, As founder of a company that has been in business for nearly 50 years, Ive seen the positive and negative impact a business can have on its communities and employees. The company announced today that Ryan Gellert will become CEO of Patagonia Works, the umbrella company for all its ventures, from clothing to smoked salmon to documentaries. Caring for employees is the responsibility of business. Angling Trade E-Survey: Whats the ideal age to start teaching a kid fly fishing? 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. A growing body of scientific studies over the past two decades have established that dams and reservoirs produce and emit substantial amounts of carbon dioxide, methane, and nitrous oxide.1 These greenhouse gas (GHG) emissions include reservoir surface emissions, which occur when dams trap organic material and leached synthetic fertilizers that decompose beneath a reservoirs water. 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. 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. Effective immediately, the Chouinard family has transferred all ownership to two new entities: Patagonia Purpose Trust and the Holdfast Collective. Some individual facilities emit large amounts of GHGs, at levels equal to or greater than the GHG emissions from equivalent coal- and gas-fired power plants. ` endstream endobj 2438 0 obj <>stream This is another way weve found to do our part. In this role, she will accelerate Patagonias mission by leading breakthrough ideas in materials, carbon-capturing business models and design. Message and data rates may apply. Its been nearly 50 years since we began our experiment in responsible business, and we are just getting started. Flexible shipping options are available. Ryan Gellert Chief Executive Officer Matt Dwyer VP, Product Impact & Innovation Glen Morden VP, Product Creation Cara Chacon VP, Social & Environmental Responsibility Bruce Old VP, Global Wholesale K. Corley Kenna Patagonia's Chief Executive Officer is Ryan Gellert. Biogeosciences 12, 19 (2020), Petition from Michael Hiatt, Earthjustice, to Michael Regan, Admr, EPA (Mar. Ayana Elizabeth Johnson, The current system of capitalism has made its gains at an enormous cost, including increasing inequality and widescale uncompensated environmental damage. Were making Earth our only shareholder. Its unique ownership structure reflects that Earth is its only . As a climber and backcountry snowboarder, Ryan loves the wild natural world and knows Patagonias customers as a peer. X/brDzV(Re;>}*R~:-}/'~[>;G"M6ms.+f79\HHQ/UQ(AdH-~]DEDHDv-vQrq\/zEr u!-K(fJEp}U1:t'+:s)DtJmf}WtVOo1' .5`0JQ|iTfLpDBRZEEvS But these companies must share our core values and their work must help provide solutions to the environmental crisis. 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. Learn more about our environmental and social responsibility program. I am honored and humbled by the opportunity and keenly aware of the responsibility to lead this company in this critical time, stated Gellert. Will Patagonia as a company continue to donate 1% of sales for the planet? The Holdfast Collective owns 98% of the company and all of the nonvoting stock. Employees are at the core of Patagonias success and this new ownership structure is an irrevocable commitment to protect the purpose and values that attracted all of us to the company in the first place. What a disaster that would have been. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality andresponsibility. The company shared the news first with its employees in a global town hall event on September 14, 2022. 0000009506 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. No ones expectations of Patagonia are higher than our own. The estimated base pay is $153,865 per year. Patagonia, Inc. operates as an apparel store. Text HELP for help. Web SpecialsSave on Gear for Your Next Trip. Requiring dams and reservoirs to report their GHG emissions will also ensure that federal and state agencies and utilities make decisions on the future of the electric sector based on the best available information regarding hydropowers GHG emissions, and not risk inadvertently pursuing a clean energy future that is not actually clean. Ambitions dont get much bigger than that. Since 2014, he has elevated Patagonia to a position ofleadership in Europes outdoor industry and environmental communities. No ones expectations of Patagonia are higher than our own. 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). If we want to protect nature and support communities, businesses cant continue to adhere to the prevailing economic model. 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. URGENT ACTION ALERT: Montana Stream Access Under Threat, U.S. Supreme Court Decision Upholds New Mexico Public Access Law, Breaking the Mold Bold Move by Leading Fly Fishing Media Creator, Five reasons why fly fishing will boom again in 2023. 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. Some Patagonia Works investments could be smaller seed investments to fledgling, responsiblecompanies in need of capital. 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