2/24/2011 1:45:00 AM
NEWS BRIEFS
Fastenal CEO Pay Jumps Six-Fold in 2010
After taking a big pay cut in 2009, Fastenal Co. CEO Will Oberton, saw his pay increase more than sixfold in 2010, according to company documents filed with the SEC.
When Oberton was paid $485,000 in 2009, he was widely considered to be one of the most underpaid CEOs in the U.S. The previous year he was paid $1.7 million.
But last year the Winona-based company compensated Oberton more than $3.15 million — most of it in the form of bonuses based on incentive plans. His base salary was $482,500 in 2010.
Fastenal reported 2010 sales grew 17.6% to $2.27 billion, while net earnings jumped 44% to $265.4 million.
Oberton, 52, joined Fastenal in 1980 as a part-time warehouse worker, according to the company’s website. He was named president of the company in July 2001 and has served as CEO since December 2002. ©2011 GlobalFastenerNews.com
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