WD-40 Company Announces Board Changes
WD-40 Company (NASDAQ: WDFC) announced the retirement of Neal E. Schmale and Daniel E. Pittard from its board of directors, effective at the upcoming annual meeting on December 8, 2020. Lara L. Lee has been nominated for election to the board. Gregory A. Sandfort will assume the role of lead independent director immediately. Schmale served for 20 years, while Pittard served for 5 years. The board will consist of 10 directors after the meeting, with a gender distribution of six men and four women.
- Lara L. Lee nominated for board election, bringing international management experience.
- Gregory A. Sandfort appointed as lead independent director, enhancing governance.
- Retirement of experienced members Schmale (20 years) and Pittard (5 years) could disrupt board continuity.
SAN DIEGO, Oct. 12, 2020 /PRNewswire/ -- WD-40 Company (NASDAQ:WDFC) announced today that Neal E. Schmale and Daniel E. Pittard will retire from its board of directors as of the date of its next annual meeting of stockholders, which is scheduled for Tuesday, December 8, 2020. In addition, the Company announced that Lara L. Lee has been nominated for election as a director.
In connection with Mr. Schmale's retirement, the board has appointed Gregory A. Sandfort to serve as lead independent director, effective immediately.
"We look forward to having Lara join our board and benefiting from her diverse international management and marketing experience," said Garry Ridge, chairman and chief executive officer of WD-40 Company. "Moreover, we are delighted that Greg has agreed to take on the additional responsibilities of lead director. Greg has served on our board for over nine years and has consistently demonstrated commitment to the highest standards of governance practices."
"I'd like to also acknowledge our two board members who will not stand for reelection this year, Neal and Dan. I want to extend my thanks on behalf of the entire board of directors for their many contributions to the Company's success," concluded Ridge.
Ms. Lee most recently served as business unit president of Lowe's Home Improvement for Lowe's Companies, Inc. Additional details regarding Ms. Lee's experience will be included in the Company's 2020 proxy statement for the annual meeting of stockholders, expected to be filed with the Securities Exchange Commission and first mailed to stockholders on or about October 29, 2020.
Mr. Pittard has served as a director for 5 years. Mr. Schmale has served as a director for 20 years, having previously served as chairman of the board from 2004 to 2016. He was designated to serve as lead independent director in December 2019.
WD-40 Company's board will be composed of 10 directors, six men and four women, effective as of the annual meeting of stockholders which is scheduled to take place virtually on December 8, 2020.
About WD-40 Company
WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company markets its maintenance products and homecare and cleaning products under the following well-known brands: WD-40®, 3-IN-ONE®, GT85®, X-14®, 2000 Flushes®, Carpet Fresh®, no vac®, Spot Shot®, 1001®, Lava® and Solvol®.
Headquartered in San Diego, WD-40 Company recorded net sales of
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SOURCE WD-40 Company
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