The billionaire founder of outdoor clothing company Patagonia has given away the business to fight climate change.
Rather than selling the firm or taking it public, Yvon Chouinard, his wife and two adult children have transferred their ownership of the American brand to a specially designed trust and a nonprofit organisation.
Patagonia is valued at about £2.6 billion.
Mr Chouinard, 83, created the arrangement to ensure his firm’s independence and ensure all of its profits - some £87 million a year - are used to combat climate change and protect undeveloped land around the globe.
In a letter about the decision, published on the Patagonia website, he wrote of “reimagining capitalism”.
He said: “While we’re doing our best to address the environmental crisis, it’s not enough.
“We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact.
“One option was to sell Patagonia and donate all the money. But we couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed.
"Another path was to take the company public.
“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 and responsibility.
"Truth be told, there were no good options available. So, we created our own.”
The privately-held company’s stock will now be owned by a climate-focused trust and group of nonprofit organisations called the Patagonia Purpose Trust and the Holdfast Collective respectively, the company said in a statement.
They noted, “every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet.”
Chouinard, an eccentric rock climber who became a reluctant billionaire with his unconventional spin on capitalism, founded Patagonia in 1973.
He began selling hand-forged mountain climbing gear in 1957 through his company Chouinard Equipment.
He lived out of his car and ate damaged cans of cat food that he bought for five cents apiece.
He worked alone selling his products until 1965 when he partnered with Tom Frost in order to improve his products and address the growing supply and demand issue he faced.
In 1970, Chouinard obtained rugby shirts from Scotland that he wore while climbing because the collar kept the climbing sling from hurting his neck.
Three years later he launched Patagonia.
Even today, he wears raggedy old clothes, drives a beat-up Subaru and splits his time between modest homes in Ventura and Jackson, Wyoming.
Chouinard does not own a computer or a mobile phone.
