WD-40 Company (NASDAQ:WDFC) announced today that Gregory A. Sandfort has provided notice to WD-40 Company’s board of directors that he will retire as a director and as non-executive chair of the company’s board as of the scheduled date of its next annual meeting of stockholders, December 12, 2024.
Mr. Sandfort will continue to serve as chair of the board until the company’s annual meeting when his term expires. Following the annual meeting, the board intends to appoint independent director Eric P. Etchart as its non-executive chair.
Mr. Sandfort was initially elected to the Company’s board in 2011 and has served as its chair since 2022. Prior to that, he served as lead independent director from 2020 to 2022. Mr. Sandfort served as chief executive officer of Tractor Supply Company from 2012 until his retirement in 2020.
"On behalf of the board, I would like to express our gratitude to Greg for his dedication to the company and its stakeholders," stated Steve Brass, WD-40 Company’s president and chief executive officer. "For over twelve years, Greg has served on our board, consistently demonstrating a commitment to the highest standards of governance practices. I am grateful for the leadership and guidance he has provided during my early tenure as chief executive officer.”
Mr. Etchart, who joined the board in 2016, currently serves as chair of the corporate governance committee and as a member of the finance committee. He had served as senior vice president of The Manitowoc Company, Inc. from 2007 until his retirement in 2016. Mr. Etchart, a French national, has served as senior vice president, business development, from 2015 to 2016 and as president and general manager of the Manitowoc Crane Group from 2007 to 2015. He has also held senior management positions in China, Singapore, Italy, France, and the United States, which provides him with a robust understanding of international business. He is recognized as a NACD Board Leadership Fellow and has earned certifications in climate leadership and ESG leadership.
"I am extremely pleased that the board has chosen to appoint Eric as its next chair. His breadth of international finance, marketing, board, and management experience will provide the company valuable insights as we seek to accelerate our geographic expansion and remain steadfast in our commitment to good corporate governance,” concluded Brass.
Upon Mr. Sandfort’s retirement, the company’s board size will be reduced to 10 directors effective as of the date of the annual meeting.