President & CEO Ward Nye Elected Chairman of the Board of Martin Marietta Materials
April 16 2014 - 4:01PM
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,
919-783-4660Executive Vice President and Chief Financial
Officerwww.martinmarietta.com
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