8-KLeadership ChangesExhibits & Filings

FASTENAL CO 8-K Report, Executive Changes (Jun 9, 2023)

Filed June 9, 2023For Securities:FAST

Summary

Fastenal Company (FAST) announced a change to its Board of Directors with the election of Ms. Irene A. Quarshie, effective June 9, 2023. This appointment expands the Board from ten to eleven members, with Ms. Quarshie serving as an independent director until the next annual shareholder meeting. Ms. Quarshie brings extensive experience in supply chain, logistics, and risk management, currently serving as Senior Vice President of Global Supply Chain and Logistics at Target Corporation. Her background at a major retailer like Target is expected to provide valuable insights as Fastenal continues to navigate complex supply chain environments. The company stated there are no undisclosed arrangements or transactions involving Ms. Quarshie, and she will be compensated according to the existing director compensation policy.

Key Highlights

  • 1Fastenal Company has appointed Ms. Irene A. Quarshie as a new independent director to its Board of Directors.
  • 2The addition of Ms. Quarshie increases the total number of directors on the Board from ten to eleven.
  • 3Ms. Quarshie's appointment is effective June 9, 2023, and she will serve until the Company's next annual shareholder meeting.
  • 4Ms. Quarshie possesses significant experience in Global Supply Chain and Logistics, currently holding the role of Senior Vice President at Target Corporation.
  • 5Her prior roles at Target Corporation include Vice President of Product Quality and Responsible Sourcing, and Director of Government Affairs, indicating a broad range of relevant expertise.
  • 6The company confirmed no undisclosed arrangements or related party transactions involving Ms. Quarshie.
  • 7Ms. Quarshie will receive compensation in line with Fastenal's existing director compensation policy, including a pro rata annual retainer and equity award.

Frequently Asked Questions

Ms. Irene A. Quarshie is the newly elected independent director to Fastenal Company's Board. She currently serves as the Senior Vice President of Global Supply Chain and Logistics for Target Corporation. Her extensive career includes various leadership roles at Target focusing on supply chain, product quality, risk, and government affairs, as well as consulting experience with Booz Allen Hamilton.

While the filing doesn't explicitly state the strategic reasons for her appointment, Ms. Quarshie's deep experience in global supply chain and logistics, particularly within a large retail environment like Target, is highly relevant to Fastenal's business operations. Her expertise is likely intended to enhance the Board's oversight and strategic guidance in these critical areas.

Ms. Quarshie will receive compensation in accordance with Fastenal's existing director compensation policy. This includes a pro rata portion of the annual retainer for her partial year of service and a cash payment for a pro rata equity award related to her attendance at remaining Board meetings for the calendar year.

Fastenal Company has stated that there are no arrangements or understandings with Ms. Quarshie pursuant to which she was selected as a director. Furthermore, there are no current or proposed transactions in which she or her immediate family has an interest that requires disclosure under SEC regulations.