Lee Hein will step down as CEO of The Fastenal Company (NASDAQ: FAST), and return to his previous position of COO, and former CEO Will Oberton will reassume the Winona, MN, company's top post, effective July 20, according to a form the company filed with SEC.
Oberton will continue to serve as chairman of the board of the company and Hein will continue to be a director. Hein will take over operations and sales, while Oberton will oversee financial, information technology and human resources.
Oberton stepped down as CEO in December when Hein took over. His tenure – and the company's new year – began with significant tailwinds following a stellar 2014, and Fastenal's most recent earnings report showed sales improve 5 percent and profit jump 7.5 percent.