CEO PAY WATCH FASTENAL CO.
Willard Oberton, president, CEO Total compensation: $485,000 for the year ended Dec. 31
Salary: $485,000
Bonus: $0
Other compensation: $0
Total return to shareholders: 21.9 percent
Note: Oberton's total compensation was down 72 percent from the year before as the company failed to meet minimum earnings requirements for executives to earn cash bonuses. Company executives did not exercise any stock options or restricted stock last year. Fastenal recorded as expenses $460,092 worth of option awards for Oberton last year.
The weak economy affected Fastenal's 2009 sales and earnings, which were down 17.5 percent to $1.9 billion and down 34.1 percent to $184 million, respectively. The company responded by cutting jobs and slowing the pace of store openings.
Fastenal's compensation committee requires 5 percent growth in earnings before any bonuses can be earned. The committee said in the company proxy that it "feels strongly that our executive officers should not be shielded from the realities of the economy with which our shareholders must live."
PATRICK KENNEDY
