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On November 3, 2014, Willard D. Oberton notified the Board of Directors (the "Board") of Fastenal Company (Nasdaq:FAST) (the "Company") that he intends to resign from his position as Chief Executive Officer of the Company effective as of December 31, 2014. In connection with this action, on November 6, 2014, the Board modified the positions and duties of Leland J. Hein, Jr. by electing him as Chief Executive Officer of the Company effective as of January 1, 2015, in addition to his role as President of the Company. Mr. Hein was elected by the Board as Chief Executive Officer for a term expiring concurrently with the current term of the other executive officers of the Company (or until his successor is duly elected and qualified).

 

Mr. Hein, who is 53 years old, originally joined the Company in 1985 and during his tenure has held various sales and managerial roles, serving as a General Manager, District Manager, Regional Vice President, Executive Vice President-Sales, and, most recently, President of the Company, a position he has held since July 2012.

 

Mr. Oberton, who is 56 years old, will continue to serve as Chairman of the Board, will continue to maintain an office, will continue to be actively involved in strategic planning and performance measurements for the Company, and will continue to serve as a mentor to Mr. Hein.

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