I find this move concerning, and wish that the Founder had looked for a new CEO that shared his values rather than a Private Equity and Mergers Expert.
Furthermore, the change to the GRIT motto is worrying. Trust is useless without Transparency when it comes to code and security.
Googled it: Proton operates under a unique hybrid model. Its core services (such as Proton Mail and Proton VPN) are run by a for-profit Swiss corporation, Proton AG, but the primary voting shareholder is the non-profit Proton Foundation.
This structure was designed to permanently put people before profits and protect the company from hostile takeovers or venture capital control. While the foundation ensures the company never deviates from its privacy-first mission, Proton AG must remain profitable to be fully independent and self-sustaining without relying on subsidies.