President & CEO Ward Nye Elected Chairman of the Board of Martin Marietta Materials
RALEIGH, N.C.--(BUSINESS WIRE)--
Martin Marietta Materials, Inc. (NYSE:MLM) today announced that the
longtime Chairman of the Company's Board of Directors, Stephen P.
Zelnak, Jr., (69) will retire from his role as Chairman effective May
22, 2014, following the Company's Annual Shareholders Meeting. Mr.
Zelnak will continue to serve as a Director on the Martin Marietta
Board. The Company also announced the Board of Directors has elected
President and Chief Executive Officer C. Howard (Ward) Nye (51) to the
additional post of Chairman of the Board upon Mr. Zelnak's retirement.
These changes complete a seamless and orderly succession process
overseen by the Board of Directors.
Mr. Zelnak has 33 years of Company service, having joined Martin
Marietta Corporation as Vice President, Planning and Business
Development in 1981 at the Bethesda, Maryland-based headquarters. In
1982, he was appointed President of the newly constituted Aggregates
Division located in Raleigh, North Carolina. In 1994, Mr. Zelnak led the
initial public offering of Martin Marietta Materials stock, and in 1996,
he led the successful offering of the remaining stock held by Lockheed
Martin (successor to Martin Marietta Corporation) as Martin Marietta
Materials became a fully independent New York Stock Exchange-listed
Company. In 1997, Mr. Zelnak was named Chairman of the Board of
Directors in addition to his role as Chief Executive Officer. Mr. Zelnak
oversaw the completion of more than 70 acquisitions and led the Company
to achieve annual revenues of more than $2 billion. Under his
leadership, in 2006, the Company was selected by Fortune Magazine
as the most admired company in its sector.
"It has been an honor and a privilege to lead Martin Marietta as
Chairman of the Board," Mr. Zelnak said. "I have great confidence in the
Company's leadership team and its future - they've done an outstanding
job navigating a very challenging environment. In his expanded role as
Chairman, I am confident Ward will provide strong, objective and
thoughtful leadership to the Board based on his deep understanding not
just of the industry, but also of Martin Marietta's values and strategy."
After joining the Company in 2006 as President and Chief Operating
Officer, Mr. Nye was appointed Chief Executive Officer in January 2010
in the midst of the global economic downturn, from which the building
materials industry is just beginning to recover. During the past four
years, Mr. Nye has led Martin Marietta as the Company carefully executed
its strategic plan, while continuing to deliver strong performance and
shareholder value creation. Martin Marietta is one of the few public
companies in its sector that has remained profitable throughout the
extended economic downturn. The Company has maintained its dividend,
kept a strong balance sheet and responsibly grown its business.
Mr. Nye, a North Carolina native with degrees from Duke University and
Wake Forest University, is active in a number of industry and civic
organizations. He is the Immediate Past Chairman of the National Stone,
Sand and Gravel Association, Vice Chairman of the American Road
Transportation Builders Association, and a Trustee of Rex Healthcare,
Inc. Mr. Nye previously served as a Gubernatorial appointee to the North
Carolina Mining Commission, as a member of the Duke University Alumni
Board and on the Wake Forest Law School Alumni Council.
Commenting on the transition, CEO and Chairman-elect Mr. Nye said: "It
is a distinct honor to be elected Chairman and to succeed Steve. Martin
Marietta's strength today is a testament to his vision and leadership. I
look forward to continuing to work closely with the Board, our
outstanding management team and our dedicated employees as we fulfill
our aim of being the world's premier aggregates-led building materials
company. With numerous indicators of increased construction activity,
Martin Marietta is well positioned to capitalize on these opportunities,
build on our momentum and enhance long-term shareholder value."
Martin Marietta Materials is the nation's second largest producer of
construction aggregates and a producer of magnesia-based chemicals and
dolomitic lime. For more information about Martin Marietta Materials,
refer to the Corporation's website at www.martinmarietta.com.
Martin Marietta Materials, Inc.
Anne H. Lloyd,
Executive Vice President and Chief Financial
Source: Martin Marietta Materials, Inc.
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