WASHINGTON — David Green, founder and CEO of Hobby Lobby, said he is giving away ownership of the arts and craft company to a trust.
In an opinion piece published Friday on Fox News, Green said his decision follows other company leaders like Patagonia founder Yvon Chouinard, who recently handed his ownership to a trust and environmental non-profit organization.
"I experienced a similar decision-making process with my ownership of Hobby Lobby; I chose God," Green said in the article.
Green explained he didn't want to pass down ownership to his children and grandchildren because 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."
In the opinion piece, Green also challenged other CEOs and company leaders to find their "source of truth." He reinforced that "prayer and the Bible" have always been his source of truth.
Along with his wife Barbara, Green founded the arts and crafts company in 1972. In the 50 years since the first store opened in Oklahoma City, the company has more than 900 stores and is the largest privately-owned arts-and-crafts retailer in the world, according to the company's website.
Green had not mentioned how or when the company ownership will be transferred. On Sunday, while on a segment of "Fox and Friends," he said that 100% of the Hobby Lobby voting stock has been moved to a trust where "stewardship" can pass on to one person from another.
He also said, "wealth can be a curse."