2012 FIN – Hein New Fastenal President; Oberton Continues as CEO
August 6, 2012 FIN – Fastenal Co. named a new president and three vice presidents.
Leland J. Hein Jr., 51, was elected president, replacing Will Oberton, 54, who will continue to serve as CEO.
Hein joined Fastenal in 1985, most recently serving as executive VP – sales, a position he has held since November 2007.
“(Hein) has demonstrated that he is a long-term Fastenal employee,” Oberton told the Winona Daily News. “He exemplifies our values and is a proven leader.”
Oberton, who started with Fastenal in 1980 as a part-time warehouse worker, said he plans to continue with the company for several more years. “I have no timeline for leaving. But I owe it to the company to plan for the future,” He explained.
In addition to Hein, Fastenal promoted three other executives.
Nicholas J. Lundquist was elected executive VP – operations. Lundquist will serve with James C. Jansen, executive VP – operations. Lundquist joined the company in 1979, and most recently served as executive VP – sales.
Kenneth R. Nance was elected executive VP – sales for the eastern region. Nance joined Fastenal in 1992, and most recently served as regional VP.
Gary A. Polipnick was elected executive VP – sales for the western region. Polipnick joined the company in 1983, and most recently served as regional VP.
In 2009 Chief Executive magazine ranked Oberton the 9th best CEO in the U.S. for creating wealth. He was named Morningstar.com CEO of 2006.
After taking a big pay cut in 2009, Oberton, saw his pay increase more than sixfold in 2010.
When Oberton was paid $485,000 in 2009, he was widely considered to be one of the most underpaid CEOs in the U.S.
But in 2010 the Winona-based company compensated Oberton more than $3.15 million — most of it in the form of bonuses based on incentive plans. His base salary was $482,500.
He was named president of the company in July 2001 and has served as CEO since December 2002. ©2012/2015 Fastener Industry News.
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