Field Fastener — a supplier of inventory management, technical support services, and complete supply chain solutions for fasteners and other “c” class items — has announced a succession plan.

Jim Derry, president and CEO, has announced that Adam Derry will be promoted to succeed him as president, effective immediately, Field announced. In addition, Chris Pauli will be promoted to executive vice president and chief financial officer.

Jim Derry will remain the company’s CEO, Field said.

“The new roles reflect the tremendous impact Adam and Chris have had on Field’s growth and culture, and a testament to the confidence Jim and Bill Derry have in their ability to execute on its future growth plans,” the company said in a statement.

Field currently has operations in Rockford, Illinois; Tyler, Texas; Florence, South Carolina; Troy, Illinois; Monterrey and Monclova, Mexico; and Kaohsiung, Taiwan.

“It has been an honor and privilege to lead the Field Team for the past 8 years, I have had the best job on the planet!” Jim Derry said. “It is the right time for a leadership change; Adam & Chris have been preparing for this change for years and are both ready to take over. The organization is also ready, our Culture is better than ever, our value proposition has never been stronger, and the future is very promising for Field. Adam & Chris will do a great job leading the Team going forward.”