Martin Marietta Materials, Inc. (MLM), a provider of aggregates for the construction industry, said Thursday that its Chairman and Chief Executive Officer Stephen Zelnak, Jr. would retire from the company in mid-year 2010. Howard Nye will succeed Zelnak as Chief Executive Officer, effective January 1, 2010, and he has also been elected to the board of directors. According to the company, Zelnak would continue as Executive Chairman of the board until his retirement and then become Non-executive Chairman of the board. Ward Nye joined Martin Marietta as President and Chief Operating Officer in 2006 with over 20 years of experience in the construction materials industry, the company said. Prior to that Nye had served 13 years with Hanson Plc, where he had held the position of Executive Vice President for the company's North American aggregates business. Nye currently is a member of the boards of directors of National Stone, Sand & Gravel Association and its Executive Committee, American Road & Transportation Builders Association, Ravenscroft School, Greater Raleigh Chamber of Commerce, and Duke University Alumni Association.
Nye said, "It is a singular honor to succeed Steve Zelnak and lead the great company he built. Steve's track record speaks for itself and he has laid an extraordinary foundation from which we will continue to grow. I look forward to continuing to work with Steve on our board, and with the management team and people of Martin Marietta to achieve our goals."
Zelnak was leading the company for over 27 years, first as a division of the aerospace company, which is now Lockheed Martin Corp. Zelnak joined Martin Marietta as Vice President, Planning and Business Development in 1981. In 1982 he was appointed as President of the newly constituted Aggregates Division and in 1987 he was elected an officer of the parent corporation. In 1997 he was elected Chairman of the board in addition to his role as Chief Executive Officer. MLM closed Wednesday's regular trading at $86.32 on the NYSE.
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