Stephen P. Zelnak Jr., who has led Martin Marietta Materials for more than a quarter-century and built it into one of the Triangle's largest publicly held companies, is stepping down as CEO at the end of the year.
The Raleigh-based company announced this morning that Zelnak will continue as executive chairman of the board until mid-2010 -- meaning he will still be an employee of the company. In mid-year Zelnak, who is 64, will retire and become non-executive chairman.
The company also announced that C. Howard "Ward" Nye, who jointed Martin Marietta as president and chief operating officer in 2006, will become CEO effective Jan. 1. Nye is 47.
Martin Marietta, which produces rock, gravel and other materials, owns nearly 300 quarries in 28 states and employs about 4,750 people. The company has cut costs and eliminated hundreds of jobs over the past two years in response to slumping demand.
Zelnak is a driven executive who took an obscure unit of a giant defense conglomerate and turned it into a leader of its industry.
In 1982 Zelnak was named president of what was then the new aggregates division of Maryland-based defense company Martin Marietta. In 1994 he led the successful initial public offering of Martin Marietta Materials and, two years later, the company severed all ties with its former parent.
Zelnak's acquisition strategy has grown the company by a factor of five since the company went public.
"I am very proud of our company's many accomplishments over the years and the great management team we have assembled," Zelnak said in a prepared statement. "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."
Before joining Martin Marietta, Nye spent 13 years at British-based Hanson, where he rose to executive vice president for its North American aggregates business. He received a bachelor's degree from Duke University and a law degree from Wake Forest University.
Nye said in a statement that Zelnak's "track record speaks for itself and has laid an extraordinary foundation from which we will continue to grow."
