Market Overview

Fastenal Company Announces Resignation Of CEO

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On November 3, 2014, Willard
D. Oberton notified the Board of Directors (the "Board") of Fastenal Company
(Nasdaq: FAST) (the "Company") that he intends to resign from his position as
Chief Executive Officer of the Company effective as of December 31, 2014. In
connection with this action, on November 6, 2014, the Board modified the
positions and duties of Leland J. Hein, Jr. by electing him as Chief Executive
Officer of the Company effective as of January 1, 2015, in addition to his
role as President of the Company. Mr. Hein was elected by the Board as Chief
Executive Officer for a term expiring concurrently with the current term of
the other executive officers of the Company (or until his successor is duly
elected and qualified).

Mr. Hein, who is 53 years old, originally joined the Company in 1985 and
during his tenure has held various sales and managerial roles, serving as a
General Manager, District Manager, Regional Vice President, Executive Vice
President-Sales, and, most recently, President of the Company, a position he
has held since July 2012.

Mr. Oberton, who is 56 years old, will continue to serve as Chairman of the
Board, will continue to maintain an office, will continue to be actively
involved in strategic planning and performance measurements for the Company,
and will continue to serve as a mentor to Mr. Hein.

Fastenal sells different types of industrial and construction supplies in the
following product categories: threaded fasteners and miscellaneous supplies;
tools; metal cutting tool blades and abrasives; fluid transfer components and
accessories for hydraulic and pneumatic power; material handling; storage and
packaging products; janitorial, chemical and paint products; electrical
supplies; welding supplies; safety supplies; metals, alloys and materials; and
office supplies.

Fastenal operates approximately 2,700 stores located primarily in North
America with additional locations in Asia, Europe, Central and South America,
and Africa. The Company operates 14 distribution centers; eleven in the United
States - Minnesota, Indiana, Ohio, Pennsylvania, Texas, Georgia, Washington,
California, Utah, North Carolina, Kansas, and three outside the United States
- Ontario, Canada; Alberta, Canada; and Nuevo Leon, Mexico.

Posted-In: News Management Press Releases

 

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