Fred attended Felsted School subsequently gaining a place to study at Clare College, University of Cambridge, his time at which was cut short by military service obligations.
In 1925 Wood's great uncle, George Crowe entered into a partnership to produce lanolin, a fatty substance found in sheep's wool used widely as a base ingredient in lubricants and cosmetics.
[2] Fred quickly established a US business with turnover of over £100,000 and three years later, aged 27, returned to the UK to assume the position of Managing Director, with the support of Chairman George Crowe.
At one time Fred harboured political ambitions however an unsuccessful experience as a Conservative Party parliamentary candidate for Middlesbrough East in 1962 and again in 1964 convinced him to re-focus his energy on Croda.
Boosted by Croda's strong growth record the share price grew steadily enabling Wood to undertake a series of acquisitions, notably United Premier Oil in 1967 and British Glues & Chemicals in 1968.
[4] His successful stewardship of Croda attracted attention in the world of Politics and in 1972 the Conservative government of Edward Heath approached him to take charge of the newly formed National Bus Company, an entity created from a collection of disparate regional services.