Fastenal Board Elects Leland Hein, Jr. As CEO, Oberton To Resign By Year End

(RTTNews) - Industrial and construction supplies provider Fastenal Co. (FAST) announced Friday that its board of directors have elected President Leland Hein, Jr. as the new CEO, effective January 1, 2015. The move from the board came after CEO Willard Oberton intimated the board on Monday about his intention to resign from the position by year end.

However, Oberton will continue to serve as Chairman of the Board, and serve as a mentor to Hein. Oberton has been CEO since December 2002, and chairman of the board since April 2014.

Oberton also served as the company's president from July 2001 through July 2012, when he relinquished that position. He began his business career with Fastenal in January 1980.

The board modified the positions and duties of Hein by electing him as CEO, in addition to his role as president. Hein has been our president since July 2012.

Hein, age 53 years, joined the company in 1985 and has held various sales and managerial roles, serving as a general manager, district manager, regional vice president, and executive vice president-sales.

The Winona, Minnesota-based company said Hein's term as CEO will expire concurrently with the current term of the other executive officers of the company, or until his successor is duly elected and qualified.

FAST closed Thursday's regular trading session at $44.91, up $0.32 on a volume of 1.72 million shares.