Who Owns WD-40 Company?

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Who Owns WD-40 Company?

Understanding a company's ownership is key to grasping its direction and accountability. For a brand like WD-40 Company, its ownership structure reveals much about its market strategy and resilience. The company's transition to a publicly traded entity in 1973 marked a significant shift in its ownership landscape.

WD-40 Company, established in 1953 as Rocket Chemical Company, has grown from its roots to become a global provider of maintenance and cleaning products. Its iconic lubricant is now complemented by a diverse brand portfolio, serving consumers in over 176 countries. In fiscal year 2024, the company achieved net sales of $590.6 million, underscoring its substantial global presence.

The ownership of WD-40 Company is primarily held by its shareholders, following its initial public offering in 1973. Major institutional investors, such as Vanguard and BlackRock, collectively own significant stakes, influencing corporate governance and strategic decisions. The company's board of directors and management team also play crucial roles in overseeing operations and representing shareholder interests. Analyzing the WD-40 BCG Matrix can offer further insights into the strategic positioning of its product lines within its overall ownership context.

The origins of the company now known as WD-40 Company trace back to September 1953 in San Diego, California, when it was established as the Rocket Chemical Company. The initial team comprised Cyril E. Irving, Norman Roulette, his son Robert Roulette, and Iver Norman Lawson. Reginald S. Fleet is also recognized as a founding member.

Founding Team

The company was founded by Cyril E. Irving, Norman Roulette, Robert Roulette, Iver Norman Lawson, and Reginald S. Fleet.

Formula Origin

While Norman B. Larsen is sometimes credited as the primary founder, historian Iris Engstrand suggests Iver Norman Lawson invented the WD-40 formula and sold it to Rocket Chemical Company for $500.

Early Business Focus

Initially, the company focused on developing rust-prevention solvents and degreasers for the aerospace industry.

Consumer Market Shift

Norman Larsen, as president, was key in packaging WD-40 into aerosol cans for consumer sales, a pivotal moment in the company's history.

Initial Funding

The initial funding for Rocket Chemical Company was primarily internal, with specific capital figures not widely publicized.

Early Adopters

Convair, an aerospace contractor, was among the first to utilize WD-40, applying it to the Atlas Missile.

The early days of Rocket Chemical Company were characterized by a focus on industrial applications, particularly within the burgeoning aerospace sector. The effectiveness of the WD-40 formula, initially developed for rust prevention and degreasing, quickly gained traction. Convair's use of the product on the Atlas Missile highlighted its industrial utility. This success led to employees taking the product home, which in turn sparked the realization of its potential for broader consumer markets. This transition from an industrial solvent to a household staple marked a significant turning point in the company's trajectory, laying the groundwork for its future expansion and brand recognition. An early investor and director in 1958 was Sam Crivello, who owned a tuna seiner, indicating a diverse group of early supporters.

Key Early Developments

The company's early history involved the development of a unique formula and its initial application in a critical industry.

• Founded as Rocket Chemical Company in 1953.
• Initial focus on aerospace industry needs.
• The WD-40 formula's invention is attributed to Iver Norman Lawson.
• Norman Larsen was instrumental in the shift to consumer aerosol packaging.
• Early adoption by Convair for the Atlas Missile.
• Employee use led to the recognition of consumer market potential.

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The ownership journey of WD-40 Company began with its renaming from Rocket Chemical Company in 1969, a move that solidified the brand's identity. A significant turning point occurred in 1973 with its initial public offering (IPO) on the NASDAQ, under the ticker 'WDFC', which reportedly saw a 61% increase in stock price on its first day.

WD-40 Company currently operates as a publicly traded entity, allowing a diverse range of investors to hold its stock. As of July 25, 2025, the WD-40 stock price stood at $210.32 per share. The company's ownership is heavily concentrated among institutional investors, who collectively own between 88% and 90% of the outstanding shares. This substantial institutional backing indicates a significant influence on the company's market performance and strategic direction. As of July 25, 2025, there are 674 institutional owners and shareholders. Key institutional holders include Vanguard Group Inc, which holds 1,493,492 shares (11.04%), iShares with 1,480,408 shares (10.94%), and Vanguard Index Funds with 1,165,183 shares (8.61%). Insiders, such as executives and board members, own a smaller portion, approximately 0.63% of the company's stock. The company's latest annual report for the fiscal year ending August 31, 2024, stated that as of October 15, 2024, there were 13,541,081 shares of common stock outstanding. The market value of voting stock held by non-affiliates was approximately $3,615,362,525 as of February 29, 2024. This public structure has facilitated WD-40's expansion and its adoption of a 'capital-light' manufacturing strategy, which involves outsourcing blending and packaging to contract manufacturers globally, a strategy that has contributed to its growth and market presence, as detailed in analyses of the Competitors Landscape of WD-40.

Key Ownership Details

Institutional investors are the dominant shareholders in WD-40 Company, holding the vast majority of its stock.

• Vanguard Group Inc. is the largest institutional shareholder.
• Institutional ownership significantly influences company strategy.
• The company transitioned to public ownership in 1973.
• Insider ownership represents a small fraction of total shares.

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The Board of Directors at WD-40 Company is dedicated to robust corporate governance and strategic oversight, representing the interests of its diverse shareholder base. The board emphasizes diversity across gender, ethnicity, nationality, cultural backgrounds, and expertise, aiming for both demographic and cognitive richness. As of the latest information, Steven A. Brass holds the positions of President, CEO & Director. Other independent directors include Cynthia B. Burks, Daniel T. Carter, Eric P. Etchart, Lara Lee, Edward O. Magee, Jr., Trevor I. Mihalik, Graciela Monteagudo, David B. Pendarvis, and Anne Saunders. Eric P. Etchart is set to assume the role of non-executive chair following Gregory A. Sandfort's retirement at the annual meeting on December 12, 2024.

The voting power within WD-40 Company operates on a standard one-share-one-vote principle, meaning each share of capital stock with voting rights grants its holder a single vote. This structure ensures that voting influence is directly proportional to the number of shares owned, a common practice for publicly traded entities. There is no public evidence of dual-class share structures or special voting rights that would concentrate control among a select few. While company insiders, including the board and management, collectively own less than 1% of the company's stock, their influence is primarily derived from their executive and oversight capacities in guiding the company's strategic direction. The board's decisions and composition are also shaped by the substantial ownership held by institutional investors, who can significantly impact corporate policies.

Understanding WD-40 Company's Shareholder Influence

The governance of WD-40 Company is guided by its bylaws, which outline the procedures for shareholder meetings and voting. The company has adopted a majority vote standard for the election of uncontested directors, a move that enhances corporate governance by requiring directors to secure more than a simple plurality of votes. This policy was influenced by shareholder advocacy for such standards. The proxy statement for the annual meeting of stockholders on December 12, 2024, provides detailed information and is incorporated by reference into the company's Annual Report on Form 10-K. For the 2025 annual meeting, shareholder proposals not included in the proxy statement must be submitted to the Corporate Secretary between June 15, 2025, and July 15, 2025, by 5:00 p.m. Pacific Time.

• Majority vote standard for uncontested director elections
• Shareholder proposals deadline for 2025 meeting: July 15, 2025
• Proxy statement incorporated into Annual Report on Form 10-K
• Institutional investors hold significant influence
• One-share-one-vote structure for voting power

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Over the past 3-5 years, WD-40 Company has maintained a stable ownership profile, largely driven by consistent financial performance and strategic growth initiatives. The company's financial health, as indicated by its sales projections and profitability targets, continues to attract significant institutional investor interest, shaping its shareholder landscape.

The company's strategic focus has been on organic growth and key partnerships, notably the acquisition of its long-standing marketing distributor in 2024. This move is anticipated to bolster growth in Latin America, particularly in Brazil, during fiscal year 2025. Leadership transitions are also occurring, with Gregory A. Sandfort retiring as director and non-executive chair in December 2024, and Eric P. Etchart set to take over the non-executive chair role. Steven A. Brass continues as President, CEO & Director, a position he assumed in September 2022.

Institutional Investor Dominance

As of May 2025, institutional investors hold a substantial majority, estimated between 88% and 90%, of WD-40 Company's shares. This indicates strong confidence from major financial entities.

Key Institutional Holders

Prominent institutional shareholders such as BlackRock, Inc. and The Vanguard Group, Inc. remain significant stakeholders. Their investment decisions can influence the WD-40 stock price.

Insider Ownership and Trading

Insider ownership is relatively modest, accounting for approximately 0.63% of the company's stock. Recent insider trading activities, including purchases by individuals like Sara Hyzer, provide insights into internal confidence.

Shareholder Value and Dividends

The company demonstrates a commitment to returning value to shareholders through regular quarterly dividends. A recent dividend of $0.94 per share was declared, payable on July 31, 2025.

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