Summary
Fastenal Company (FAST) announced a significant change in its executive sales leadership structure through an 8-K filing dated November 13, 2015. The company accepted the resignation of Mr. Kenneth Nance as Executive Vice President - Sales, effective November 16, 2015. While this represents a shift in his senior executive role, Mr. Nance will not be leaving the company but will be reassigned to the position of Vice President of Government Sales.
Key Highlights
- 1Mr. Kenneth Nance resigned from his role as Executive Vice President - Sales.
- 2Mr. Nance has been reassigned to the position of Vice President of Government Sales, effective November 16, 2015.
- 3In his new role, Mr. Nance will focus on the company's government sales team.
- 4Mr. Nance's 2015 salary will be pro-rated at $200,000 annually for his service in the new role.
- 5His 2015 Q4 bonus will be determined under existing and revised bonus plans, pro-rated for his time in each role.
- 6The revised bonus plan for his new role is expected to be based on revenue growth in government sales.
- 7No new stock options will be granted to Mr. Nance in connection with this role change.