RALEIGH, N.C.--(BUSINESS WIRE)--
Martin Marietta Materials, Inc. (NYSE: MLM) announced that a new
independent director has been elected to its Board of Directors. John J.
(Jack) Koraleski, former Chairman of the Board of Directors and CEO of
Union Pacific Corporation (NYSE: UNP), was elected to Martin Marietta's
Board of Directors on August 15, 2016. Mr. Koraleski, 65, also served as
Executive Chairman of the Board of Directors for Union Pacific from
February 2015 until his retirement in September 2015. Union Pacific,
with approximately $22 billion in revenues and a market capitalization
of approximately $80 billion, operates railroads that connect 23 states
in the western two-thirds of the United States by rail, providing a
critical link in the global supply chain. It provides value to its
roughly 10,000 customers by delivering products in a safe, reliable,
fuel efficient and environmentally responsible manner. Mr. Koraleski
will serve on Martin Marietta's Audit Committee, Management Development
and Compensation Committee, and Executive Committee.
At its Annual Meeting of Shareholders in May, Donald (Don) W. Slager was
elected to Martin Marietta's Board of Directors. Mr. Slager, 54, is
President and CEO of Republic Services, Inc. (NYSE: RSG), as well as a
member of its Board of Directors. Republic Services is an industry
leader in American recycling and non-hazardous solid waste with
approximately $9 billion in revenues and a market capitalization of
approximately $18 billion. Republic Services' various operating units,
including collection companies, transfer stations, recycling centers and
landfills, are focused on providing reliable environmental services and
solutions for commercial, industrial, municipal and residential
customers to enjoy a cleaner, safer and healthier world. Mr. Slager
serves on Martin Marietta's Finance Committee and Ethics, Environment,
Safety and Health Committee.
The two new directors fill the seats previously held by Frank H.
Menaker, Jr. and Richard A. Vinroot, both of whom reached the mandatory
retirement age provided in Martin Marietta's Bylaws. They were not
eligible for election at the 2016 Annual Meeting of Shareholders and
retired from the Board after 23 and 20 years of service to the company,
respectively.
Martin Marietta's 10-member Board of Directors now consists of 9 outside
directors.
C. Howard (Ward) Nye, Chairman, President and Chief Executive Officer of
Martin Marietta, stated, "We are excited to welcome Jack Koraleski and
Don Slager to Martin Marietta's Board of Directors. They are both
experienced chief executives who are well-versed in corporate governance
matters and whose strategic insights will be invaluable in helping
Martin Marietta continue to deliver good results to its shareholders. In
addition, their deep knowledge of logistics, transportation, land use,
as well as a strong focus on safety and environmentally responsible
businesses, will enable each of them to make a very meaningful
contribution to the Board. We are extremely pleased to have people of
Jack's and Don's caliber and expertise join the Martin Marietta Board
and believe they are each going to make an important and positive impact
on our company, its employees, customers and shareholders."
"On behalf of our Board and shareholders, I want to extend my personal
thanks and sincere appreciation to Mr. Menaker and Mr. Vinroot for their
years of service and insights they both provided to our company. Each
gave generously of their time and consistently provided the Board with
independent judgment and advice, which were invaluable to the success of
Martin Marietta."
Martin Marietta, an American-based company and a member of the S&P 500
Index, is a leading supplier of aggregates and heavy building materials,
with operations spanning 26 states, Canada and the Bahamas. Dedicated
teams at Martin Marietta supply the resources for the roads, sidewalks
and foundations on which we live. Martin Marietta's Magnesia
Specialties business provides a full range of magnesium oxide,
magnesium hydroxide and dolomitic lime products. For more information,
visit www.martinmarietta.com
or www.magnesiaspecialties.com.
MLM-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20160815005099/en/
Martin Marietta Materials, Inc.
Anne Lloyd, 919-783-4660
Executive
Vice President and Chief Financial Officer
www.martinmarietta.com
Source: Martin Marietta Materials, Inc.
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