Fastenal names new CEO
In a filing with the Securities and Exchange Commission, Fastenal announced that its board elected Daniel Florness as the company’s president and chief executive officer effective Jan. 1, 2016.
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| Dan Florness |
Willard Oberton will step down from his role as president and chief executive officer and Florness will step down from his role as executive vice president and chief financial officer effective the same date. Oberton will continue to serve as chairman of the board.
Oberton had assumed the titles of president and CEO after Leland Hein stepped down after only a few months on the job. No reasons have been given for the shuffling of the leadership roles at the Minona, Minn.-based distributor.
The board has not yet filled the position of chief financial officer, but intends to do so, on either a permanent or interim basis, as soon as reasonably practicable.
Florness, who is 51 years old, has served as the company’s chief financial officer since June 1996 and as an executive vice president since December 2002. As executive vice president and chief financial officer, Florness directs the financial activities of the company and oversees the company’s national accounts business.
In his role as president and chief executive officer, Florness will be paid an annual base salary in 2016 of $550,000 and will be eligible for bonuses and stock options.
Beginning in 2016, Oberton will receive an annual retainer of $360,000 in his capacity as chairman of the board, and will no longer receive the base salary or cash incentive awards to which he was entitled in his previous role as president and chief executive officer.
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