2/19/2010
NEWS BRIEFS
Fastenal CEO Pay Down 35% in 2009

Fastenal CEO Will Oberton “received a compensation package with a target value of $1.7 million for 2009, down 35% from 2008,” the Associated Press reports.

Oberton’s base salary remained unchanged at $485,000, as did the $1.2 million in stock options he received the past two years.

But Oberton reportedly did not receive a non-stock incentive payment given in previous years, including one totaling $1.2 million in 2008.

Fastenal’s earning fell 34% last year to $184.4 million amid a 17.5% sales decline to $1.93 billion. Company shares rose 19.5% during an otherwise challenging year that saw the company shed 1,500 workers and reduce store openings by more than half the number of locations opened in 2008. ©2010 GlobalFastenerNews.com

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