TYLER, Texas (KETK) — CEO and founder of Hobby Lobby, David Green, announced Friday that he plans to give away ownership of Hobby Lobby. The announcement came in the form of a Fox News opinion piece that he wrote, chronicling his journey with the company and how he came to make this decision.
“As an owner, there are certain rights and responsibilities, including the right to sell the company and keep the profits for yourself and your family. As our company grew, that idea began to bother me more and more. Well-meaning attorneys and accountants advised me to simply pass ownership down to my children and grandchildren. It didn’t seem fair to me that I might change or even ruin the future of grandchildren who had not even been born yet.”David Green
Green said he thinks God is the reason for his success in business and that he should honor God as a consequence by being the steward of the company and not focusing on his personal profit.
“That stewardship gave me a greater responsibility. I wasn’t supposed to take the profits of the business and use them for myself. I also had a responsibility to the employees that God had put in my charge. This is why our company pays a minimum wage of $18.50 per hour, why we close on Sunday (which had been our most profitable day of business), and why we close by 8 p.m. every day.”David Green
According to Green, his decision to give away ownership in his company is similar to the decision made by Yvon Chouinard, owner of Patagonia. He donated his ownership of Patagonia to a trust that will use its profits to fight climate change.