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Daniel L. Florness

Chief Executive Officer at FASTENAL
Since August 1, 2024
Age
61 years
Tenure
Joined Fastenal in 1996 and held roles including Chief Financial Officer from June 1996 to December 2002, Executive Vice President and Chief Financial Officer from December 2002 to December 2015, President and Chief Executive Officer from January 2016 to July 2024, and Chief Executive Officer since August 2024.

Also at FASTENAL

APB
Anthony P. Broersma
Executive Vice President – Operations
DKP
Donnalee K. Papenfuss
Executive Vice President of Strategy and Communications
JCJ
James C. Jansen
Executive Vice President – Manufacturing

About

Daniel L. Florness is a seasoned leader at Fastenal, having dedicated nearly three decades to the company since his start in June 1996. Over the years, he has evolved through a series of strategic roles, beginning his career as the Chief Financial Officer and later serving as Executive Vice President and Chief Financial Officer. His journey continued as he assumed the role of President and Chief Executive Officer from January 2016 until July 2024, before transitioning to his current position as Chief Executive Officer in August 2024.

Despite the absence of detailed personal background and educational information, his extensive tenure at Fastenal is a testament to his expertise in financial management, operations, and strategic vision. His leadership has been pivotal in broadening the scope of financial oversight to include product development, procurement, and national accounts, ensuring robust internal controls and regulatory compliance throughout the company’s evolution.

In addition to his operational responsibilities at Fastenal, his professional contributions extend to external board memberships, including his roles on the boards of H.B. Fuller and Emplify Health. This involvement underlines his commitment to industry leadership and community engagement, providing him a wider perspective that benefits both his primary role at Fastenal and his contributions in the broader business community.

$FAST Performance Under Daniel L. Florness

Past Roles

OrganizationRoleDate RangeDetails
FAST President and Chief Executive Officer January 2016 to July 2024 N/A
FAST Executive Vice President and Chief Financial Officer December 2002 to December 2015 N/A
FAST Chief Financial Officer June 1996 to December 2002 Responsibilities expanded beyond finance to include leadership roles in product development, procurement, part of the manufacturing division, and the national accounts business

External Roles

OrganizationRoleDate RangeDetails
H.B. Fuller Board of Directors N/APublicly-held company in the global adhesives market
Bellin Gundersen Health System, Inc. Board of Trustees N/AIntegrated healthcare system primarily located in Wisconsin, Upper Michigan, northeastern Iowa, and southeastern Minnesota

Fixed Compensation

Data from  FY 2024
Component NameAmountPayment ScheduleAdditional Details
Base Salary $750,000 Annual Fixed annual salary
Director Fees $50,000 Annual Paid in capacity as a director
401(k) Matching Contribution $2,754 Annual Annual profit-based matching contribution under the 401(k) plan

Performance Compensation

Data from  FY 2024

Option Awards (Equity-Based Incentives)

Metric [Unit & Scale]**ValueAdditional Details
Grant Date January 2, 2024 N/A
Grant Date Fair Value [US Dollars] $867,883 Calculated per GAAP
Exercise Price [US Dollars] $64.00 Rounded from the closing stock price on the grant date
Vesting Schedule [Years] 5 years 20% vests after 1 year and subsequent 20% annually over next 4 years
Option Term [Years] Approximately 10 years Options expire around December 31, 2033; may accelerate upon a change in control
Performance Metrics None Awards are time-based with no performance metric tied

Non-Equity Incentive Plan Compensation (Cash Bonus)

Metric [Unit & Scale]**ValueAdditional Details
Evaluation Metric Pre-tax income growth Bonus paid if quarterly pre-tax income > 100% of same quarter in prior year
Threshold 100% of prior year quarter Payout triggers when exceeded
Payout Calculation Based on percentage of income excess No maximum cap; target percentages applied to excess growth
Evaluation Period Quarterly Performance assessed each fiscal quarter
Vesting Immediate payment upon assessment No vesting schedule for cash bonuses