WD-40 Still Hiring Despite Choppy Economy: CEO
Despite a "choppy" economy, WD-40 continues to hire and invest as its expands globally, CEO Garry Ridge told CNBC Friday.
Speaking the same day the Labor Department reported weak hiring data, Ridge said his company has been "hiring right through the last 12 or 18 months" because sales outside the U.S. are up 60% "and we have to support that."
Late Thursday WD-40 , the maker of solvents, degreasers and cleaning products, reported a 4 percent rise in fiscal third-quarter sale but a 12 percent fall in net income for the period. Ridge attributed that to high commodities costs, particularly in oil, as well as the investments the company is making in its marketing activities.
In the current economy, business needs to lead and "continue to focus on longer-term opportunities," Ridge said. "We must continue to make sure we have an environment where people can perform very well. We've gotta turn up the volume on learning and education to equip our people in these new times."
The "biggest disabler in life is fear," he added. "People didn’t stop spending when business slowed down, they stopped spending when they were afraid business had slowed down."
The U.S. government can help business by creating an "environment without uncertainty. Then we as [business] leaders can get on and do it." (See the whole interview in the video)