The company said its board appointed Jeffery M. Watts as President and Chief Sales Officer on July 11, 2024, taking over the President role from Daniel L. Florness effective August 1, 2024.

1. 01

   The company said its board appointed Jeffery M. Watts as President and Chief Sales Officer on July 11, 2024, taking over the President role from Daniel L. Florness effective August 1, 2024.

2. 02

   Fastenal said Daniel L. Florness will voluntarily vacate the President position on the effective date but will remain Chief Executive Officer and a member of the board.

3. 03

   Fastenal said Watts has served as Chief Sales Officer since May 2023 and was Executive Vice President – International Sales from December 2016 to April 2023 after joining the company on February 5, 1996. It also said its global sales activities currently span 25 countries.

4. 04

   The company said Watts' annual base salary for 2024, adjusted and pro-rated for his partial year as President, will be $550,000. It said he will receive a quarterly bonus of 1.25% of the amount by which pre-tax earnings for each quarter beginning with the quarter ended September 30, 2024 exceed 2023 pre-tax earnings for the comparable quarter. It also said no additional stock options will be granted in connection with the appointment, but he will be entitled to receive stock options commensurate with the role in 2025.

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Original filing

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