Martin Marietta Announces the Election of New Board Members
August 15 2016 - 10:00AM
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, 919-783-4660Executive
Vice President and Chief Financial
Officerwww.martinmarietta.com
Martin Marietta Materials (NYSE:MLM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Martin Marietta Materials (NYSE:MLM)
Historical Stock Chart
From Jul 2023 to Jul 2024