A Pole
On a July morning in 2016, on the Bighorn River near Fort Smith, Montana—where the water flows out of the Yellowtail Dam and north through the Crow Reservation, one of the biggest and poorest tribal territories in the country, past trophy houses and guided drift boats charging five hundred dollars a day—Yvon Chouinard stood in chest waders before seven Native American children and held up a willow stick with a line attached. The federal government had cheekily named the dam after the Crow chairman who had fiercely opposed it. The river held more trout per mile than any other in the country, and yet the Crow didn't much fish it or participate in the economy that the trout attract.
"O.K., so, hey, this is how I learned to fish," Chouinard told them, after the vice-chairman of the tribe led an informal ceremony with a sheaf of burning sage. "I used to use worms. This don't cost much compared to all the ones those dudes got in those boats drifting by all day. Those cost a lot." He explained that the line was made of horsetail hair—from a stallion, since mares pee on their own tails. "You can walk out there with a stick and a horsehair line and catch anything."
The vice-chairman asked what the rig was called. Chouinard looked at him for a moment, and then said, "A pole."
This is a man who, at the time, was worth hundreds of millions of dollars—who co-owned an outdoor-apparel company approaching a billion in annual sales, who'd helped launch a sustainability consortium involving Walmart and the Gap, who'd advised presidents on corporate responsibility and felt comfortable telling them they were wrong. He was seventy-seven years old, with one good arm from rotator-cuff surgery, a scarred cheek from basal-cell removal, and the accumulated authority of six decades spent pioneering some of the most dangerous rock and ice routes on earth. And here he was on a reservation, teaching kids to catch trout with a stick.
The distance between that stick and the three-billion-dollar company he would give away six years later—the entire arc of his improbable, contradictory, stubbornly self-authored life—is the subject at hand. But to understand it, you have to accept a paradox at the center of the man: Yvon Chouinard built one of the most influential businesses of the twentieth century by spending most of his time trying not to be in business at all.
By the Numbers
The Reluctant Empire
$3BEstimated value of Patagonia at time of ownership transfer (2022)
~$100MAnnual profits directed to fight climate change via Holdfast Collective
$142M+Committed by Holdfast Collective toward environmental causes by 2024
1%Of sales pledged annually to grassroots environmental groups since 1985
$75M+Given to ~3,400 environmental organizations through 1% for the Planet
1,500Children raised through Patagonia's on-site daycare since 1985
$1.50Price of Chouinard's first hand-forged piton, circa 1957
Pliers at the Kitchen Table
His childhood dream was to be a fur trapper. The Chouinards were French-Canadian—dur à cuire, hard stock, the kind of people who solved problems with what was at hand. Yvon's father, a third-grade dropout, was a journeyman laborer who at night repaired the looms at a wool mill in Lisbon, Maine. The earliest memory Chouinard returns to, the one he's told to interviewers for decades with the consistency of an origin myth, is this: his father sitting at the kitchen table with a bottle of whiskey, using a pair of electrician's pliers to pull his own teeth, because he objected to the expense of dentures.
That image—the stubborn refusal to pay for what you can do yourself, the willingness to endure pain rather than accept dependency—would become the throughline of his son's entire career. "The same stubborn, do-it-yourself streak had evidently been inherited," a journalist would later note. But there's something else in the scene: the intimacy of self-sufficiency as a form of violence, the way poverty can harden into philosophy. Chouinard would spend his life turning deprivation into design principle, scarcity into aesthetic, discomfort into competitive advantage.
In January 1946, Yvon's older brother Gerald, stationed in San Diego in the Navy, sent his family a box of oranges. Fresh fruit in winter. "That's it," Yvonne Chouinard said. Citing her husband's asthma, she insisted the family move to California. That spring, they packed into a Chrysler and headed west—"kind of a Grapes of Wrath migration," Chouinard would later call it. He was seven or eight, a shrimp with a girl's name and no English. School was a catastrophe. He fled public school after a week, landed at parochial school under the tutelage of nuns, and became, as he recalls, a loner and a geek, a D student who spent all his free time biking to city parks and private golf-course ponds to bait-fish and hunt for frogs, crawdads, and rabbits. Before long, he was diving for lobster and abalone off the Malibu coast.
"I was brought up surrounded by women," Chouinard writes in
Let My People Go Surfing. "I have ever since preferred that accommodation."
High school brought more misery—zits, detention, math, no girls—but also a lifeline of sorts: the Falconry Club. Weekend outings in search of hawks' nests led to an obsession with rappelling down cliffs. He and his rappelling buddies hopped freight trains to various foothill precipices and, with rope stolen from the phone company, practiced their speed descents. One day, Chouinard encountered a Sierra Clubber who was climbing up, a possibility he hadn't yet considered. The summer he turned sixteen, he drove to Wyoming in a Ford he'd rebuilt in shop class and was soon lost in the wilderness of the Wind River Range. His first summit attempt turned into a solo ascent of a hitherto unclimbed route up Gannett Peak, the tallest mountain in Wyoming. He was a teenager. Nobody had asked him to try.
The Blacksmith in the Chicken Coop
The thing that distinguishes Chouinard from the usual run of charismatic founders—the Jobses and Musks, the visionaries who bend reality to their will through force of personality and capital—is that he didn't want to build anything. He wanted to climb. Everything else was an accident of frustration.
In 1957, annoyed by the expense and disposability of European pitons—the metal spikes climbers pound into rock to secure a rope—Chouinard bought a used coal-fired forge from a junkyard for next to nothing, a 138-pound anvil, some hammers and tongs, and taught himself to be a blacksmith. He was eighteen. He set up shop in the chicken coop behind his parents' house in Burbank and began forging reusable pitons out of chrome steel, harder and more durable than anything then available. He sold them to friends and strangers at a dollar-fifty a pop, out of the back of his car, between surf sessions and climbing trips.
The pitons were a revelation. European pitons, made of soft iron, were designed to be used once and left in the rock—a philosophy of conquest, of leaving your mark. Chouinard's were designed to be hammered in, tapped out, and reused indefinitely. The technical improvement carried an implicit ethical argument: you don't need to scar the mountain to climb it. This was 1957, years before "leave no trace" became a phrase anyone used, and here was a teenage blacksmith forging the concept into steel.
He borrowed $825 from his parents and had Alcoa build him a drop-forging die to produce superior carabiners. He traveled with his equipment so he could surf and blacksmith his way up and down the California coast in winter, return to Yosemite in spring, and go on climbing trips to Canada, the Shawangunks, and the Alps in late summer and fall. These were lean years: dumpster diving, cat food, "porcupines assassinated à la Trotsky with an ice axe." Home was an Army-surplus sleeping bag. He claims not to have owned a tent until he was almost forty. At one point, he and a climbing companion spent eighteen days in jail in Arizona; the charge was wandering around "with no visible means of support" and "without any lawful business."
I had always avoided thinking of myself as a businessman. I was a climber, a surfer, a kayaker, a skier, and a blacksmith.
Drafted in 1962, he was sent to South Korea. He was not what you might call Army material, but he cadged enough free time to bag a slew of first ascents in the mountains around Seoul. An honorable discharge returned him to Yosemite, where, with the big-wall pioneers Royal Robbins, Tom Frost, and Chuck Pratt, he completed a celebrated first ascent of the North American Wall on El Capitan in 1964, after nine nights on the face. Here now was fame, of a kind. He and his peers, colonizing the infamous Camp Four, called themselves the Valley Cong.
Before and after Korea, Chouinard had worked as a private detective for an agency run by his older brother. "Hanky-panky stuff," he says. "Peeing in milk bottles."
Howard Hughes hired them to keep an eye on his girlfriends and certify that his yacht was germ-free. It was not a career.
The [Moral Hazard](/mental-models/moral-hazard) of a Good Piton
In 1966, Chouinard moved his blacksmith shop to Ventura, to a tin shed behind an abandoned slaughterhouse. He and Tom Frost—an aeronautical engineer, climber, and photographer who brought both technical rigor and spiritual calm to everything he touched—and Frost's wife, Dorene, called the business Chouinard Equipment. Their hardware became the industry standard. Their 1969 bamboo ice axe is now in the Museum of Modern Art.
But success bred a problem that would become the defining pattern of Chouinard's life: the thing he made began to destroy the thing he loved.
By the early 1970s, climbing had grown in popularity—in part because of Chouinard's own gear—and the most popular routes in Yosemite showed visible damage from repeated piton use. Every time someone hammered one in, it widened the crack slightly. Wider pitons were needed. The rock was being disfigured by the very tools designed to celebrate it.
Chouinard and Frost made a decision that was, by any normal business logic, insane: they stopped making pitons, their most profitable product—70% of revenue—and instead introduced aluminum chocks that could be wedged into and removed from cracks without leaving any gear or scars behind. Their 1972 catalogue opened with a fourteen-page clean-climbing manifesto, part user's manual and part environmental gospel. "No longer can we assume the earth's resources are limitless," they wrote. "Mountains are finite, and despite their massive appearance, they are fragile."
The catalogue was reviewed in every climbing magazine, debated at the base of climbs. When it went out in June 1972, 70% of the business was pitons. Nine months later, the business was 70% chocks. The conversion happened not through marketing but through moral argument—because Chouinard spoke to his customers as a community of equals and shared what he'd learned. As Vincent Stanley, Patagonia's director of philosophy, would later put it: "The moral dilemma was the reason for the change."
A gambit for better gear had begun to extend into an argument for a better world.
Puercos Deportivos
To understand Chouinard, you have to understand the people he collected—not employees or business partners in the conventional sense, but co-conspirators in a lifelong experiment in how far you could push the human body and how little you needed to survive.
Doug Tompkins was an East Coast prep-school dropout who'd headed west to ski and climb. More acerbic and domineering than Chouinard, who has always had a Zen calm about him, Tompkins was a serial entrepreneur who'd co-founded the North Face as an outdoor-gear retailer and then built Esprit into a fashion empire with his then-wife, Susie. When Chouinard was in the Army, Tompkins used to spring him from base to go climbing by phoning his commanding officer and impersonating a colonel. They were both opinionated, talented, and tough, and did not easily suffer fools—a formidable duo.
In 1968, Chouinard, Tompkins, and a crew of friends drove a van from California to the tip of South America, ostensibly to climb Mount Fitz Roy in Patagonia. They carried a homemade flag that read "Viva Los Fun Hogs." When hitchhikers and locals asked what it meant, they said, "Puercos deportivos." Sporting porks.
The trip was documented in a film and would later become one of the origin myths of outdoor counterculture. But it was also a seed of something more consequential: the mountain that inspired the company name, and the wilderness that would eventually consume Tompkins's fortune, his marriage, and, ultimately, his life.
Rick Ridgeway, an accomplished mountaineer who would become a vice-president at Patagonia in charge of public engagement, completed the circle. Ridgeway was valued for his physical courage; Tom Brokaw, the television journalist, was especially valued by the mountain men for his anecdotal knack. Together they formed the Do Boys—a coinage derived, with some self-mockery, from the Japanese translation of action sports as "do sports." The thing was the experience, not the accolades. After a climbing trip to Bhutan, Chouinard, Tompkins, and Ridgeway burned their self-made maps so no one would know where they'd been.
In 1981, Chouinard and Ridgeway were part of a team caught in an avalanche on Gongga Shan, in China. One climber was killed, the rest badly hurt. Chouinard, taking into account his kids, his risk appetite, and his encroaching distaste for bigger expeditionary attempts, began to dial it back as a climber. But there were always escapades. On a river in Chile, forty-some years ago, Tompkins was detained by a soldier with a machine gun upstream of some falls. Tompkins ran for it, jumped into his boat, and paddled into the falls. Chouinard, trailing him, flipped his kayak and went through the rapid upside down, in case the guard decided to shoot. They later learned they'd paddled through President Augusto Pinochet's summer compound. "Tompkins had no regard for authority," Chouinard said.
The Rag Business
Patagonia began almost by accident. During a climbing trip in England in the early 1970s, Chouinard came across a mill that made vintage corduroy, which he fashioned into heavy-duty shorts and knickers. In Scotland, he found a rugby shirt whose tough collar kept the climbing sling from biting his neck. These caught on with climbers, and soon the Chouinards and their band of friends and metalworkers had turned the old slaughterhouse into a retail store that sold bivy sacks, wool gloves, and other workaday gear. They began sewing garments upstairs and adding new products.
As sales of soft goods outpaced hard, they needed a separate name. Chouinard suggested Patagonia. It sounded exotic. It name-checked the place that had become dear to him since the Fun Hogs trip.
The early years were defined by functional innovation that became fashion, which matured into cultural convention. Fleece—the hydrophobic, washable insulating material they branded Synchilla—took them a while to get right. Their first pile jackets were sewn from fabric originally intended for toilet-seat covers. Since the nineties, they've made fleece from recycled plastic bottles. Along came Capilene, a state-of-the-art thermal underwear, and the layering system that Patagonia popularized and that is now so universally adopted that it's hard to remember anyone had to invent it.
But Patagonia also encountered its first real crisis early: a surplus of poorly made rugby shirts from a factory in Hong Kong nearly bankrupted them. "We learned the hard way that there was a big difference between running a blacksmith shop and being in the rag business," Chouinard later wrote. A pan in Backpacker magazine in 1974 was blunt: "How well would you expect iron-mongers to sew?" Amid the fallout, Tom and Dorene Frost sold the Chouinards their share, making Yvon and Malinda the sole owners.
Malinda Pennoyer Chouinard—an art and home-economics student who'd been working as a Yosemite lodge maid—was the company's invisible co-architect. "We were hanging out in Camp Four one day when a car full of tough girls drove up and the driver threw out a beer can," Chouinard recalled. "Malinda ran over and told them to pick it up. They gave her the finger, so with her bare hands Malinda ripped off their license plate and turned them in to the rangers. I was smitten."
She would become virtually invisible in standard accounts of the company, but in Ventura, and in routine conversation with anyone who has ever been involved with Patagonia, she looms as large as her husband. She created the Great Pacific Child Development Center in 1985—on-site childcare that has since raised more than 1,500 children, displacing the HR department to a trailer during a recent baby boom. She drove the company's certification as California's first B Corp in 2012. Her e-mail blasts—known as Malindagrams—are exhaustive. "I don't exist," she told the New Yorker's Nick Paumgarten when they first met, with something like ferocity. Thereafter, she was very kind and civil.
Growing for the Sake of Growing, Which Is Bullshit
By the end of the 1980s, Patagonia was approaching a hundred million dollars in revenue, dwarfing Chouinard Equipment, which had stagnated as Chouinard soured on the popularization of climbing and focused on the clothing side. Then the recession of 1991 hit.
The company had grown too fast. Bankruptcy loomed. Bankers balked. Chouinard's accountants took him to meet a representative of the Mafia, who offered a loan at 18% interest. In the end, the Chouinards borrowed from a friend and from some Argentines who wanted to get their money out of the country. They laid off 20% of their workforce—which no longer consisted mainly of friends and friends of friends.
"It was hard," Chouinard said. "I realized we were just growing for the sake of growing, which is bullshit."
The crisis became the crucible. Seeking guidance, Chouinard found Michael Kami, a strategic planner who'd worked at IBM and helped turn around Harley-Davidson. Kami lived on a yacht off Miami. Chouinard and his top leaders flew to Florida. Kami asked, "Why are you in business?" Chouinard said, "Well, I'm in business to give money to environmental causes." Kami said, "That's bullshit. You could sell the company and put the money in the bank and give far more than you'd ever make."
The question forced Chouinard to articulate something he'd felt but never stated: the company itself was the instrument. Not the profits. Not the philanthropy. The way the business operated—the products it made, the supply chains it insisted on, the example it set—was the point. You couldn't separate the activism from the enterprise. They were the same thing.
Out of this reckoning came a new mission—"Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis"—and a self-imposed earth tax: 1% of sales (not profits; sales is a bigger number) donated to grassroots environmental organizations. The Chouinards undertook an environmental audit of every product and process. They discovered that cotton, their most commonly used natural fiber, was devastatingly toxic: conventional cotton fields were dead zones, defoliated and chemically saturated. Chouinard gave the company eighteen months to switch entirely to organic cotton, co-signing bank loans with fledgling organic farmers, some of whom called him in the middle of the night seeking emergency cash. "It was a nightmare," he said, "but we did it. Since then we have not used a single bit of non-organic cotton."
The capitalist ideal is you grow a company and focus on making it as profitable as possible. Then, when you cash out, you become a philanthropist. We believe a company has a responsibility to do that all along—for the sake of the employees, for the sake of the planet.
Meanwhile, Chouinard Equipment—the climbing hardware company that had started it all—declared Chapter 11 in 1989. A group of employees bought the assets out of bankruptcy, renamed it Black Diamond Equipment, and moved it to Utah. The separation was not without tension. Chouinard watched them go public years later, then watched them expand too fast. "Companies like that, they have to be privately held," he said. "Venture capitalists are such assholes."
Don't Buy This Jacket
In 2011, Patagonia ran a full-page ad in the New York Times on Black Friday that read: "Don't Buy This Jacket." The ad detailed the environmental cost of manufacturing a single Patagonia R2 fleece: 135 liters of water, nearly twenty pounds of carbon dioxide. "Don't buy what you don't need," it implored.
Guilt and high principle mutate into marketing: this was the Patagonia feedback loop, on high screech. To some, the slogan sounded like "Buy this jacket, not that other one, from the North Face." One plausible response was "Don't worry, I won't. I can't afford it." Chouinard may walk the walk—his own Patagonia gear tends to date back to the last century—but his customers are often the kinds of people who can afford as many jackets as they want. The credo "One Percent for the Planet" can misread. There are class implications, problems of privilege and access, the lingering taint of monikers like Patagucci and Fratagonia.
One catalogue from the nineties had a chart of what Patagonia was versus what it was not: Fly fishing, not bass fishing.
Surfing, not waterskiing. Upland bird hunting, not deer hunting. Gardeners, not survivalists. In its presentation of hale young adventure athletes, living righteously in Edenic locales, all of them with just the right amount of dishevelment and duct tape, the catalogue could emanate the passive-aggressive piety of a food-co-op scolding. It unwittingly celebrated a kind of countercultural conformity. This neo-Rockwellian idyll of desert-dawn yoga sessions, spectacularly perilous bivouacs, hardy kids and sporty hounds could feel like a rebuke if you were on a sofa in the city.
When a New Yorker writer ventured to mention how the catalogue sometimes irked him, Chouinard was quiet for a while. "When you see the guides on the Bighorn, they're all out of central casting," he said. "Beard, bill cap, Buff around the neck, dog in the bow. Oh, my God, it's so predictable. That's what magazines like Outside are promoting. Everyone doing this 'outdoor lifestyle' thing. It's the death of the outdoors."
The contradiction doesn't resolve. That's the point. Chouinard disdains ski areas ("They're golf courses"), professional climbing ("I just don't like the whole paid-climber thing"), and the proliferation of extreme sports as programming ("Red Bull's in the snuff-film business"). And yet Patagonia is the single entity most responsible for the aestheticization of outdoor culture that created these phenomena. He knows this. It doesn't make him happy.
Management by Absence
Kris McDivitt—the daughter of an oilman, raised on a family ranch near Santa Barbara, with three years in Venezuela—refused to go to a posh boarding school in La Jolla at age fifteen, which led to her meeting Chouinard, who was renting a place near her parents' beach house in Ventura. She fell in with his older gang of surfers, skiers, and climbers. "If that hadn't happened, I'd probably be an alcoholic old woman with pearls around her neck," she told the New Yorker.
She became Patagonia's first CEO and, really, with the Chouinards, part of its founding triumvirate. By 1980, day-to-day management had fallen to her. She remembers the first time she realized any place needed saving. The Chouinards told her, one day in 1970, to find an office and some room in the budget for an activist spearheading a local effort to reintroduce steelhead trout to the Ventura River. "I said, 'Why is this important?' I didn't even know what a steelhead was. I thought it was a machine part."
In the early nineties, McDivitt married Doug Tompkins and left Patagonia the company to dedicate herself to saving Patagonia the place—purchasing millions of acres in Chile and Argentina to create national parks. Patagonia was, in this sense, not just a company but a training ground for people who would go on to reshape landscapes.
Chouinard called his executive style "management by absence." Since he got into the gear business, he had frequently disappeared for months, sometimes for half the year, to climb, kayak, surf, ski, fish, and ramble around the planet's wilder precincts. Nobody always knew where he was. Malinda sent e-mails to the people he was supposed to be with, in case there were things he should hear or do.
"Power? I don't have any power," Chouinard said from a bench outside Patagonia headquarters in Ventura, burly forearms crossed over a paunch. "If I complain about something, I often get a passive-aggressive response. I put up with it, because the alternative is to micromanage. I'm just the owner." He preferred to take his lessons from nature—from ant colonies, for example. "There's no management. Every ant just does his job. They communicate and figure it out. It's like a Navy SEAL team."
It was also true that his occasionally whimsical notions sent the ants scurrying. Absent or not, he was still the big ant.
"I'm terrible at hiring," Chouinard confessed. "I only trust women to hire people here. In an interview I have no idea. They can bullshit me, and I believe them." The first person you met at Patagonia headquarters, for years, was a receptionist and former freestyle Frisbee world champion who goes by Chipper Bro. When one visitor left reception, Chipper said, "Nice hanging with you."
The Great Amputation
Last December—December 2015—the Do Boys set out on a paddling trip on a remote lake in southern Chile. It was supposed to be mellow: five days. But a sudden Patagonian gale kicked up. Chouinard and Jib Ellison, in a two-man kayak, managed to reach an island. But Ridgeway and Tompkins capsized and spent almost an hour in near-freezing water.
"Every day, many times a day, I go back to that accident, go through it in my mind," Ridgeway said later. "I assumed I was dead. I did something I'd never done. I gave up. I thought, I can't make it. I was starting to drown. I decided to take it all in. It was so deeply beautiful. That was when I saw my comrades coming around the corner. So I still had a chance. I snapped out of it."
Tompkins was in worse shape. After they were towed to shore, he was suffering so badly from hypothermia that he was helicoptered to a hospital. He died there that night. For all the perils that he and the others had faced down over the decades, this end—on a supposedly gentle excursion—came as a shock to everyone in their circle.
"We thought we'd die together," Kris Tompkins said. She and her husband had lived in Patagonia and flown a small plane together almost every day. "We were obsessed with one another for twenty-five years. It's the Great Amputation."
Tompkins's death left his widow with the daunting task of continuing the work. "Doug left a real mess," Chouinard said—with the bluntness that is either his greatest quality or his most exasperating one, depending on your proximity to the subject. "He was an entrepreneur. He starts something, and you need an entourage to clean it up. He micromanages and left no clear marching orders. Kris is now delegating. They're going to pull it off."
The Tompkinses had assembled 2.2 million acres of land in Chile and Argentina, and governments supplemented the gift with commitments of as much as twelve million more—equivalent, in area, to six Yellowstones. "No human has ever done anything like this," Chouinard said.
"Yvon is a kind of genius," Kris Tompkins said. "He can also be a knucklehead. The thing about Yvon and Doug, though they weren't alike in personality at all, they shared an extraordinary confidence in themselves and were completely unburdened by conventional thinking or the wise advice of others. They calculated risk better than most. I was in both cases the conservative one, the one always wringing my hands."
Get Me Off That List
In 2017, Forbes placed Yvon Chouinard on its annual list of billionaires. For most business leaders, this would be a coronation. For Chouinard, it was—and this is not an exaggeration—one of the worst days of his life.
"It really, really pissed me off," he said. "I don't have $1 billion in the bank. You know, I don't drive Lexuses."
All day, he tromped around the Ventura office, demanding something be done. "Get me off that list!" he told anyone who would listen. "I hate that list!"
The reaction was not theater. Chouinard had maintained a fraught relationship with financial success his entire career. He'd grown up as a vagabond climber, sleeping in the dirt, surviving on a dollar a day, eating dented cans of cat food. As Patagonia grew, he had more money at his disposal, but he and Malinda had taken very little out of the business. "Until the last couple of years, it was just houses," he said. He owned properties in Ventura, Jackson Hole, and the Hollister Ranch—a famous surfing spot off-limits to the public—but he flew coach, distrusted the stock market, had pulled his 401(k) money out and put it into second-growth timberland in the Pacific Northwest to protect salmon and steelhead watersheds. He and his wife gave away half their salaries to charity. He considered billionaire status not an achievement but a "policy failure."
The Forbes listing set in motion a years-long effort. In 2020, Chouinard issued an ultimatum to his inner circle: figure out how to get him off the list, or he'd do it himself. In February 2021, he summoned CEO Ryan Gellert to his home in Ventura and threatened to sell the company. "I swear to God, if you guys don't start moving on this, I'm going to go get the Forbes magazine list of billionaires and start cold-calling people," he said.
The options were grim. Selling Patagonia would mean actual billions in the bank—defeating the purpose—and no guarantee a new owner would maintain the company's values. Going public was out of the question. "I don't respect the stock market at all," Chouinard said. "Once you're public, you've lost control over the company, and you have to maximize profits for the shareholder."
He turned to Charles Conn, a board member and friend he'd met on a fishing trip two decades earlier. When they'd arrived at camp, it was pouring rain, and Chouinard was preparing to sleep under a truck. Conn invited him to share his tent. Years later, standing hip-deep in an Argentine river casting flies, Conn asked what would happen to Patagonia when Chouinard died. "Well," Chouinard said, "we're going to have to shut the company down, because I don't trust anyone else to run the company."
Conn, Gellert, general counsel Hilary Dessouky, and her deputy Greg Curtis spent the better part of two years designing something that had never been done before.
Going Purpose
On September 14, 2022, Patagonia's employees gathered for a global town hall. Yvon Chouinard, then eighty-three, announced that he and his family had transferred all ownership of the company—valued at approximately $3 billion—to two new entities. The Patagonia Purpose
Trust received 2% of shares (all the voting stock), tasked with preserving the company's values. The Holdfast Collective, a 501(c)(4) nonprofit dedicated to fighting the environmental crisis, received the other 98%. Every dollar of profit not reinvested in the business—roughly $100 million a year—would be distributed as a dividend to protect the planet.
"Earth," Chouinard wrote on the company's website that day, "is now our only shareholder."
The structure was engineered to solve multiple problems simultaneously. Because the Holdfast Collective is a 501(c)(4)—which can make unlimited political contributions—the family received no tax benefit for the donation. They did, however, pay about $17.5 million in gift taxes on the voting-stock transfer to the trust. "There is no tax benefit here whatsoever," Dan Mosley, a partner at BDT & Co. who helped design the structure, confirmed.
The announcement lit up the business press, briefly shaming the usual billionaire philanthropy discourse into silence. Here was a man who'd given away a multibillion-dollar company, not to a foundation bearing his name, not to a donor-advised fund he'd control from a yacht, but to an entity designed to make him irrelevant. No stock options, no golden parachute, no naming rights. The Chouinard family would continue to guide the trust and sit on the board, but they no longer owned a cent of Patagonia.
"Hopefully this will influence a new form of capitalism that doesn't end up with a few rich people and a bunch of poor people," Chouinard told the New York Times. "We are going to give away the maximum amount of money to people who are actively working on saving this planet."
His children had no interest in inheriting the company. Fletcher, who shapes surfboards for Patagonia's growing surf business, and Claire, who works in the design department, had been raised to be slightly embarrassed about money. "If the company became something I didn't believe in or approve of, I wouldn't want to be here," Claire said. They both live with their own families up the street from their parents' house on the ocean, north of Ventura—the same house where, in a storm in 1983, waves came up over the roof. "I don't believe people should have houses on the beach," Chouinard once said. "But until they change the laws I'm doing it."
The Twitch and the Cat
There is a way to read Chouinard's life as a kind of progressive simplification. Each decade strips away one more layer of complexity. He went from climbing—which requires enormous amounts of gear—to kayaking, to surfing, to fishing, each sport requiring less equipment than the last. In his eighties, his crusade has narrowed to a single fly: a brown pheasant-tail-and-partridge soft hackle, which takes him four minutes to tie.
In 2015, he spent the entire year fishing with just that one fly, for all kinds of fish in all kinds of water, to prove the point that people spend way too much on way too much gear. The soft hackle makes it a wet fly; you fish it beneath the surface. He gives it a little twitch during its swing through the current. "It's like playing with your cat, with a toy mouse," he said. "Drag it along and the cat watches. Stop it and give it a twitch, and the cat pounces."
The tenkara rig he champions—a telescoping graphite pole with a fixed twenty-foot line, a leader, and no reel—is the logical endpoint of this trajectory. The name and technique come from Japan, but the method is ancient. You cast, let the fly drift, cast again. When you catch a fish, you haul it in by hand. If the fish fights hard, you can drop the rod in the river, and the fish will return to its resting spot. Wade in, fetch the rod, land the fish. When idle, the line loops around a pair of paper clips on the handle.
"Fly-fishing has become so esoteric," Chouinard said. "People have decided to learn more and more about less and less. Guys write tomes this thick on midges, and they don't even fish. Then there are the guys who cast. That's all they care about—casting. They don't fish. They cast. Then there are the flytiers, with flies so real you wanna swat 'em."
There is a philosophy embedded in the simplification, one that extends well beyond angling. In a 2019 essay collection,
Some Stories: Lessons from the Edge of Business and Sport, Chouinard wrote: "In the various outdoor pursuits and crafts in which I've been involved—from mountaineering and whitewater kayaking to spearfishing and tool-making—the progression from novice to master has always been a journey from the complex to the simple."
At Patagonia, this manifests as a design philosophy: Is it functional? Is it multifunctional? Is it durable? Is it repairable? Is it as simple as possible? Each question is a constraint. Each constraint is a liberation. If the best restaurants have a set menu, the best outdoor companies should make things you never need to replace.
A High-Country Twilight
On a Thursday night in late July 2016, Chouinard sat in an easy chair by the window of his Moose, Wyoming house—the one he and friends built in 1976, out of beetle-kill lodgepole pine, on six acres he'd bought for fifteen thousand an acre, one of the first log houses in the valley. Ice pack on his cheek, glass of red wine in hand, left leg up on the arm of the chair. Flip-flops, tan fishing pants, a green Salmonid Restoration Federation T-shirt. A high-country twilight had him half in shadow. The window faced west, out onto a sage-and-wildflower meadow, and beyond that a phalanx of cottonwoods and spruce, and beyond those the Tetons, with the sun now sunk behind the dusky silhouette of the Grand.
Hillary Clinton was on the radio, accepting the Democratic nomination. Chouinard hadn't turned on any lights. The darkness in the house deepened as she spoke. He absent-mindedly flicked at a lamp cord, like a cat with a toy. "Nobody's mentioning global warming," he said. "No one wants to deal with it."
As though on cue, Clinton said, "I believe climate change is real!" Then she moved on.
"That was her environmental message?" Chouinard said. "Oh, God."
He comes off, these days, as deeply disheartened, perhaps even defeated—and yet Patagonia is bigger, and more active in environmental and labor advocacy, than it has ever been. The company has given away more than $200 million over the decades. The Holdfast Collective has committed more than $142 million since the ownership transfer. They've eliminated "forever chemicals" from all new products starting in 2025. They've reached 98% renewable electricity in their global facilities. Thirty-nine percent of their factories pay a living wage. They've found that some of the highest-performing seasons in the company's history have coincided with its most aggressive acts of principle—that the "Don't Buy This Jacket" year was followed by record sales, that the switch to organic cotton, which cost millions in the short term, eventually generated both new products and new customer loyalty.
None of it, in Chouinard's view, is enough. "In the environmental movement, there are rarely any victories," he says. "You just hold evil back for a while, then it comes back, and it's never-ending. But when you take out a dam, that is, so to speak, a concrete victory."
He was referring to Patagonia's campaign to remove the Edwards Dam in Augusta, Maine—his home state, the place his family left in 1946, a Chrysler loaded with six people and a box of California oranges pointing west. The dam had blocked sea-run fish since the nineteenth century. Patagonia took out three full-page ads in the national edition of the New York Times, making a local fight into a national cause. The dam came down in 1999, the first functioning hydroelectric dam in the country breached over its owners' objections. More than 1,100 American dams have come down since.
He is eighty-seven now and makes very few public appearances. He drives a 1987 Toyota Corolla. He lives on about $60,000 a year. His flannel shirts are in tatters. He still fires up the forge occasionally—to make door hinges, fireplace sets, a shovel for his son's pizza oven. "When I die, they're gonna stuff me and stick me in here, do tours," he says of the old tin shed behind the slaughterhouse where it all started.
After you're making enough money to support yourself, what's the reason to stay in business? Is it a responsibility for the employees that are still there to make more money or to do something good? It's not an ego thing. I'll be dead in a few years anyway.
A high-country wind picks up off the Snake River. The Tetons vanish behind cloud. In the meadow outside the window, bats flit past in the gathering dark. Somewhere downstream, seven Crow kids are sleeping in houses within earshot of a river that holds more trout per mile than any river in the country—a river named after a dam named after the man who tried to stop it. Somewhere in that river, a brown trout is holding in the current, watching a brown pheasant-tail-and-partridge soft hackle drift overhead, waiting for the twitch.
