12/1/2014 8:55:00 AM
HEADLINES
Oberton, 56, Resigns as Fastenal CEO; Hein Promoted
Leland J. Hein
Willard D. Oberton announced he will resign as CEO of Fastenal Company at the end of 2014 and the company’s board of directors promoted president Leland J. Hein to CEO.
Hein will continue as president until the board chooses a successor.
Hein, 53, started with Fastenal in 1985 and held various sales and managerial roles, including as a general and district manager, regional vice president, executive vice president for sales. He was named president in 2012.
Oberton, 56, will continue as board chairman and maintain an office at Fastenal’s Winona, MN, headquarters.
Earlier this year Fastenal co-founders Bob Kierlin and Steve Slaggie retired (see Fastener History section of GlobalFastenerNews.com).
Just this month, Oberton was named as one of the 100 best-performing CEOs in the world by Harvard Business Review. He ranked lowest for CEO compensation, with a base salary of $794,761 – the only executive on the list with base pay below $1 million.
Fastenal sells industrial and construction supplies including threaded fasteners; 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 primarily in North America, plus in Asia, Europe, Central and South America and Africa. Fastenal has 11 U.S. distribution centers in Minnesota, Indiana, Ohio, Pennsylvania, Texas, Georgia, Washington, California, Utah, North Carolina, Kansas, and three outside the U.S.: Ontario, Canada; Alberta, Canada; and Nuevo Leon, Mexico.
For more on Fastenal management, click on the Fastener History section of GlobalFastenerNews.com:
2014 FIN – Fastenal’s Kierlin Retiring: Stock Grew from $9,000 to $5,000,000 During His Tenure
Fastenal co-founders Bob Kierlin and Steve Slaggie are retiring. Since they founded Fastenal in 1967 the corporation has grown from a 1,000 sq. ft. store in Winona, Minnesota, to more than 2,700 stores in 20 countries with 18,000 employees.
2010 FIN – Fastenal to Buy Holo-Krome from Danaher; No Cuts Expected
2002 FIN – Oberton Succeeds Kierlin as Fastenal CEO
1989 FIN – Fastenal Expanding in Cities With 20,000 to 70,000 Populations
Related Stories:
• Fastenal Co. Reports 9.6% Sales Gain
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