Hein steps down as Fastenal president and CEO
According to documents filed with the SEC, Fastenal president and CEO Leland Hein stepped down from those roles effective July 20.
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Will Oberton |
Former CEO Willard Oberton will return to the roles that he held previously. He had resigned as CEO in December. No reason was given for the change in leadership.
Hein will assume the role of chief operating officer.
Oberton will continue to serve as chairman of the board of the company and Hein will continue to be a director of the company.
Oberton, who is 57 years old, served as the company’s chief executive officer from December 2002 to December 2014. He also served as president from July 2001 to July 2012, when he relinquished that position. Oberton has also served as a director since 1999 and as chairman of the board since April 2014.
He will receive a base salary of $570,000 a year plus a quarterly bonus that equals 0.8 percent of the amount that exceeds each of Fastenal’s quarterly pretax earnings in 2014.
In his new position, Hein will head Fastenal's operations and sales areas.The 54 year-old Hein served as an executive vice president - sales from November 2007 to July 2012, as president from July 2012, and as chief executive officer from January 2015.
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