WINONA, Minn. — The governing board of Fastenal approved mid-July for the retirement date of Dan Florness as company president. His successor was approved earlier — Jeff Watts, who has been with the company 28 years. The board has assured investors of an orderly transition, Florness, age 62, will remain as chief executive, as a member of the board of directors, and as a strategic adviser to Watts until early 2028.
Fastenal profile
Founded in Winona in 1967 as a small nuts and bolts shop. Grew into a global manufacturer and distributor of industrial supplies. Headquarters still in Winona. Now city’s largest employer with 1,800 on local people on payroll. Worldwide employees: 25,000 in 1,600 branch locations. Revenue in 2024: $7.5 billion. Diversified ownership through publicly traded stock.
Florness. Grew up in western Wisconsin. Holds accounting degree at the University of Wisconsin-River Falls, then with a major accounting firm. Fastenal co-founder Bob Kierlin recruited him to Fastenal in 1996. Twenty year later Florness succeeded Will Oberton as chief executive. Florness compensation package in 2024: $1.7 million, including a $750,000 salary, a $75,000 bonus, and $868,000 in in company stock and equity.
Watts. Reared in Canada. With Fastenal 30 years. Led company’s international sales team. Has held title as company president and chief sales officer since 2024. Pushed into the Canadian market in 2005. Compensation package in 2024: $1.1 million, including a$516,000 salary, a $61,000 bonus, and $496,000 in company stock and equity.