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    Daniel L. Florness

    Chief Executive Officer at Fastenal Co
    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 Co

    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