Summary
This 8-K filing from Fastenal Company announces a significant change in its financial leadership. Effective August 16, 2016, Mr. Holden Lewis has been appointed as the new Chief Financial Officer (CFO) and Executive Vice President. Mr. Lewis brings extensive experience as an equity analyst covering industrial technology and manufacturing for over two decades, including senior roles at FBR Capital Markets, Oppenheimer, and BB&T Capital Markets. In addition to his base salary of $320,000 (pro-rated for 2016), Mr. Lewis is eligible for performance-based bonuses tied to net earnings exceeding comparable 2015 periods. While no stock options are granted at appointment, a significant stock option award valued at approximately $1.2 million is planned for 2017, subject to vesting requirements. A relocation bonus of $80,000 is also provided. Concurrently, Sheryl A. Lisowski, the interim CFO, will transition to the role of Treasurer, in addition to her existing duties as Controller and Chief Accounting Officer, with no changes to her compensation.
Key Highlights
- 1Fastenal Company appoints Holden Lewis as new Chief Financial Officer (CFO) and Executive Vice President, effective August 16, 2016.
- 2Mr. Lewis has a strong background as an equity analyst with extensive experience in industrial technology and manufacturing sectors.
- 3His 2016 base salary will be $320,000 (pro-rated).
- 4Mr. Lewis is eligible for performance-based bonuses in Q3 and Q4 2016, contingent on net earnings exceeding comparable 2015 periods.
- 5A stock option award valued at approximately $1.2 million is anticipated for Mr. Lewis in 2017, with vesting requirements.
- 6Mr. Lewis will receive an $80,000 relocation bonus.
- 7Sheryl A. Lisowski transitions from interim CFO to Treasurer, retaining her roles as Controller and Chief Accounting Officer without compensation changes.