August 19, 2016
On Aug. 15, 2016, Martin Marietta Materials, Inc. elected John J. (Jack) Koraleski, former Chairman of the Board of Directors and CEO of Union Pacific Corp., as the new independent director of its Board of Directors. He also served as Union Pacific’s Executive Chairman of the Board from February 2015 until his retirement in September 2015. Koraleski will serve on Martin Marietta’s Audit Committee, Management Development and Compensation Committee, and Executive Committee.
In May 2016, during Martin Marietta’s annual shareholders meeting, Donald (Don) W. Slager was elected to the Board of Directors. He is President and CEO of Republic Services, Inc., and is a member of its Board of Directors. Slager serves on Martin Marietta’s Finance Committee and Ethics, Environment, Safety, and Health Committee.
The two new directors take the place of Frank H. Menaker, Jr. and Richard A. Vinroot, both of whom reached the mandatory retirement age provided in Martin Marietta’s Bylaws. The company’s 10-member Board of Directors now consists of nine outside directors.
In a company press release, C. Howard (Ward) Nye, Chairman, President, and CEO of Martin Marietta, says, “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.”
Nye also thanks the two previous board members in the press release. “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,” he says. “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.”
From Our Partners