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U.S. leading fastener & related hardware products and tools distributor, Fastenal Co. released a surprising announcement regarding the stepdown of President and CEO Leland Hein. The position will be immediately replaced by the former Fastenal CEO and the incumbent Chairman Willard Oberton. Leland Hein will assume his position as the Chief Operating Officer. Leland had been leading the company as President since 2012 and was then appointed as the CEO in Jan. 2015. Oberton served in Fastenal as the CEO from 2002 to 2014.

 

Market analysts say that the stock price of Fastenal declined by 11% this January, but the earnings in the past two quarters were actually more than the company’s original expectations. Profit increased, though the sales growth slowed. The industry was surprised at this change in the management, but Fastenal has not made any comments on it so far.

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