Fastenal said Daniel L. Florness decided to step out of his role as Chief Executive Officer (CEO) effective July 16, 2026 and resign from the Board on the same day. The company explained the decision was not a result of any disagreement with Fastenal or the Board on any matter relating to the company's operations, policies or practices.

1. 01

   Fastenal said Daniel L. Florness decided to step out of his role as Chief Executive Officer (CEO) effective July 16, 2026 and resign from the Board on the same day. The company explained the decision was not a result of any disagreement with Fastenal or the Board on any matter relating to the company's operations, policies or practices.

2. 02

   Fastenal said on December 19, 2025 the Board appointed Jeffery M. Watts, the current President and Chief Sales Officer, as the next CEO effective July 16, 2026. Assuming shareholders re-elect Florness as a director at the next annual meeting of shareholders, the Board intends to appoint Watts as a director to replace Florness, effective on the same day.

3. 03

   Fastenal said Florness will have no changes to his compensation during 2026 while he serves as CEO, and expects to continue to be employed by the company as a Strategic Advisor to the new CEO until early 2028. The Compensation Committee will determine his compensation program as a Strategic Advisor at a scheduled meeting in 2026.

4. 04

   Fastenal said Board Chair Scott Satterlee explained the transition represents the next step in an orderly succession plan that began in August 2024 when Watts stepped into the role of President. The company noted Florness joined Fastenal in 1996 and became CEO in 2016.

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