The 80-year-old billionaire CEO of the retail franchise Hobby Lobby, David Green, has made headlines for his decision to give away ownership of the company. Rather than continue as a business owner, Green wishes to be a “steward for God.”
“God was the true owner of my business.”
Regarding his decision to give away the ownership of the company, Green cited Patagonia founder, Yvon Chouinard, and Alan Barnhart of Barnhart Crane, who have made similar decisions to place faith before fortune and give away ownership of their companies.
He has transferred 100 percent of Hobby Lobby’s voting stock into a trust where it will be stewarded by a succession of trustees, so that Green and his wife no longer think of themselves as “owners.”
Throughout his 52-year journey with the Hobby Lobby franchise, Green has kept his dedication to the Bible at the forefront and the Christian message at the core of the company’s ethos. It has long been Green’s policy to close all stores on Sunday to allow associates time for family and church and to pay employees well above the national minimum wage.
Feeling blessed by God for the success of his chain of art and craft stores, Green has also given back to society by using Hobby Lobby as a channel through which to support ministries and plant churches all over the world. He encourages other leaders to consider if they are owners or stewards and to reflect on where their success comes from.
“I’ve seen many a business with the greatest of ideas not make it, and yet others with the simplest of ideas thrive,” he said. “I believe that God is the one who grants success, and with it the responsibility to be a good manager.”
