On Friday, October 21, 2022, David Green, the CEO, and founder of Hobby Lobby announced Friday he will give away ownership of the company. In an opinion piece for Fox News, Green chronicled the company’s journey and how he made 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 [1].
In his view, God is responsible for Green’s success in business, and he should honor God by serving the company and not focusing on his own 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.
In the end, Green decided he was a steward and that
God was the true owner of my business. When I realized that I was just a steward, it was easy to give away my ownership [2].
Green has moved 100% of the company’s voting stock to a trust. On paying his children, he said,
It’s a paradigm change from ownership that can really wreck a family [3].
Hobby Lobby is known for being closed on Sundays and for staying open throughout the pandemic.
Notes:
- ^https://fox8.com/news/hobby-lobby-owner-announces-hes-giving-away-the-company-for-god/ (go back ↩)
- ^https://fortune.com/2022/10/25/wealth-is-a-curse-hobby-lobby-founder-gives-away-company-god/ (go back ↩)
- ^https://fortune.com/2022/10/25/wealth-is-a-curse-hobby-lobby-founder-gives-away-company-god/ (go back ↩)
