Item 5.02(b). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnDecember 9, 2020 ,Willard D. Oberton , chairman of the Board of Directors (the "Board") ofFastenal Company (the "Company"), informed the Company that he has decided not to stand for re-election as a director of the Company at our next annual meeting of shareholders to be held onApril 24, 2021 (the "Annual Meeting").Mr. Oberton's decision not to stand for re-election was not the result of any disagreements with the Company on matters related to its operations, policies or practices.Mr. Oberton has served on the Board of the Company sinceJune 1999 , and as chairman of our Board sinceApril 2014 .Mr. Oberton began his business career with the Company inJanuary 1980 and was promoted to branch manager, then district manager, and later to general operations manager. He later served as our vice president, executive vice president, chief operating officer, president, and chief executive officer.Mr. Oberton's professional career grew from within Fastenal as he successfully worked, managed, and provided leadership to most of the departments and disciplines integral to the Company's growth and financial success.Mr. Oberton has played a role in much of Fastenal's development since joining the organization in 1980, including overseeing growth in his role as CEO (beginning inDecember 2002 untilDecember 2014 and again on an interim basis fromJuly 2015 throughDecember 2015 ) and chairman from$900 million in annual revenues in 2002, to over$5.0 billion in 2020. His career path epitomized our 'promote from within' philosophy. The Board thanksMr. Oberton for his 41 years of dedicated service as an employee and as a director of the Company and wishes him all the best in his future endeavors. The Board approved the election of Mr.Scott A. Satterlee as chairman of the Board effective following the Annual Meeting, subject to his re-election by the shareholders at the Annual Meeting.Mr. Satterlee has served as a director of the Company since 2009. Item 9.01. Financial Statements and Exhibits.
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