Actionable news
All posts from Actionable news
Actionable news in FAST: Fastenal Company,

Fastenal profits hurt by downturn in oil & gas

Fastenal Co., for the third time in a year, named a new chief executive, tapping Tuesday its current chief financial officer, Daniel Florness, for the top post.

The news came after Fastenal reported slim sales and earnings growth for the September quarter. The Winona, Minn.-based distributor of nuts, bolts, hand tools and other supplies continued to be hurt by the downturn in oil.

The 51-year-old Mr. Florness is slated to take up his new duties New Year's Day. Current CEO Willard Oberton, who relinquishes the role for the second time over the past year, will continue to serve as board chairman.

In July, Fastenal's then-CEO Leland Hein stepped down after less than seven...