Fastenal CEO Dan Florness plans to step down in mid-2026 and will be succeeded by the company’s president and chief sales officer, the company announced Monday.
Florness, who has led the Minnesota fastener and industrial supply distributor since 2016 and first joined the company in 1996, will step down as CEO and resign from Fastenal’s board on July 16. He intends to remain a strategic advisor to incoming CEO Jeff Watts until early 2028.
Watts was appointed by the company’s board of directors as its new CEO on Friday, officials said. The board will also name him to replace Florness on the board.
"This transition represents the next step in an orderly succession plan that began in August 2024, when Jeff Watts stepped into the role of president of Fastenal,” Fastenal Board Chair Scott Satterlee said in the announcement. “Since then, Jeff has demonstrated an outstanding ability to align our sales teams around the common goal of delivering industry-leading value and service to Fastenal's customers."
"Since joining Fastenal in 1996, I've seen tremendous positive growth and change in our business," Watts said. "I'm excited for what we can achieve in the future, and I'm grateful for Dan's leadership and mentorship.”
"Fastenal is blessed with great people, and the opportunity to be a member of this team for 30 years has been an honor," said Florness. "Jeff has a great ability to spot and develop talent, a great ability to align people and resources in the pursuit of a common goal, and 30 years of knowledge serving our customers.”
Fastenal ranks at no. 4 on ID’s 2025 Big 50.
