Latest News
North / South America
Martin Marietta Announces Retirement of CEO Zelnak; Nye to Assume CEO Position
Nov, 12 2009
(Raleigh, North Carolina) -- Martin Marietta Materials, Inc. (NYSE: MLM) today announced that Chairman and CEO Stephen P. Zelnak, Jr., 64, will retire mid-year 2010 after leading the Company for over 27 years, first as a division of the aerospace company that is now Lockheed Martin Corporation, and since 1994 as a publicly traded company listed on the New York Stock Exchange.
Mr. Zelnak will continue as executive Chairman of the Board until his retirement and then become non-executive Chairman of the Board.
Mr. Zelnak joined Martin Marietta as Vice President, Planning and Business Development in 1981 at the Company’s Bethesda, Maryland, headquarters. In 1982 he was appointed President of the newly constituted Aggregates Division based in Raleigh, North Carolina, and in 1987 he was elected an officer of the parent corporation.
In 1994 Mr. Zelnak led the initial public offering of Martin Marietta Materials stock in a highly successful transaction and again in 1996 led the successful offering of the remaining stock held by Lockheed Martin as Martin Marietta became a fully independent public company. In 1997 he was elected Chairman of the Board in addition to his role as CEO.
Commenting on the transition, Mr. Zelnak said: "I am very proud of our company's many accomplishments over the years and the great management team we have assembled. In particular, recruiting Ward Nye three years ago has ensured that we will have a seamless transition to the next generation of leadership. Ward is an exceptional executive who is ready to lead Martin Marietta to a successful future. He and his team have my full support."
Mr. Nye added: "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."
C. Howard (Ward) Nye, 47, will become CEO effective January 1, 2010, and has been elected to the Board of Directors of the Company.
Ward Nye joined Martin Marietta as President and COO in 2006 with over 20 years of experience in the construction materials industry. Before joining Martin Marietta, Mr. Nye’s previous 13 years had been spent with Hanson PLC, where he had most recently held the position of Executive Vice President for that company’s North American aggregates business.
Immediately prior to his Executive Vice President role, Mr. Nye was responsible for profit center operations with revenue exceeding $500 million annually. Earlier in his career, Mr. Nye also was responsible for merger and acquisition activities for the construction materials business and managed Hanson’s eastern United States legal, human resources, safety and environmental functions.
Mr. Nye received his Bachelor of Arts degree with honors from Duke University in 1984. He also received a Juris Doctorate degree from Wake Forest University in 1987.
Martin Marietta Materials is a leading producer of construction aggregates and a producer of magnesia-based chemicals and dolomitic lime. For more information about Martin Marietta Materials, refer to the Company's Web site at www.martinmarietta.com.
Reacting to warnings from its beleaguered wildlife pathologist Ward Stone, the state has toughened rules to prevent quarry dust from escaping the Lafarge cement plant. More
The construction materials industry emits gobs of carbon dioxide, but a British startup has devised a new cement that absorbs and stores CO2 when it's produced. More