Yvon Chouinard, founder and owner (along with his wife) of Patagonia, the outdoor clothing company, has announced he will transfer the company (value approximately $3 billion) to a set of trusts.

The goal is to preserve the company’s independence beyond him and ensure that all its profits – roughly $100 million per year – are used to combat climate change and protect undeveloped land.

Patagonia’s new owners are the Patagonia Purpose Trust (holds all voting shares of stock) and the Holdfast Trust (holds all non-voting shares of stock). The Patagonia Purpose Trust will be used to protect the company’s environmental and social values; the Holdfast Trust will be focused on fighting climate change.

As always, Yvon Chouindard – the reluctant businessman (his own words) – has found a way to ensure his legacy is more than that of a climber and a seller of outdoor clothing.

You can read his letter here.

Hatch magazine has an article that provides an overview.