Management ChangeJul 16, 2026, 04:07 PM
Fastenal Elects CEO Watts to Board; Details New Compensation
AI Summary
Fastenal's Board of Directors elected Mr. Watts, the company's President and CEO, as a director, effective as of the CEO Transition Date. He will receive an annual cash retainer of $50,000 for his service as an employee director. Additionally, the Compensation Committee approved a new compensation package for Mr. Watts as President and CEO, which includes an annual base salary of $650,000 and target quarterly cash incentive awards based on pre-tax income and the ROA Assets Program. He will be eligible for equity incentive awards in 2027.
Key Highlights
- Mr. Watts, President and CEO, elected as a director of Fastenal's Board.
- He will receive an annual cash retainer of $50,000 for his director service.
- New annual base salary of $650,000 as President and CEO.
- Target quarterly cash incentive of 1.75% of pre-tax income exceeding prior year.
- Target supplemental quarterly cash incentives consistent with ROA Assets Program.
- No additional equity incentive awards in 2026; eligible in 2027.
Price Impact
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