Item 5.02(b). Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 9, 2020, Willard D. Oberton, chairman of the Board of Directors (the
"Board") of Fastenal 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 on April 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 since June 1999, and as
chairman of our Board since April 2014. Mr. Oberton began his business career
with the Company in January 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 in December 2002 until December 2014 and again on
an interim basis from July 2015 through December 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 thanks Mr.
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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