CEOs rushed to be first in line to become California Benefit Corporations.
When the California Secretary of State's office opened its doors this morning, there stood a band of smiling millionaires, papers in hand, waiting to sign on the dotted line. At 9:30 a.m., California officially began accepting filings for social enterprises to become legal Benefit Corporations, and many of them wanted to be first.
Patagonia founder and CEO Yvon Chouinard was the first of a gaggle of CEOs in line as the office doors opened, according to the company. His firm, a supply-chain transparency leader, had lobbied for the adoption of the law and wanted to make a public show of support by becoming the first to shift its corporate status.