Jack Koraleski and Don Slager fill seats vacated by retirement of Frank Menaker and Richard Vinroot
MARTIN Marietta Materials Inc have announced the election of John J. (Jack) Koraleski, former chief executive officer of railroad operators Union Pacific Corp., to the company’s 10-member board of directors. He will serve on Martin Marietta’s Audit Committee, Management Development and Compensation Committee, and Executive Committee.
His appointment follows that of Donald (Don) W. Slager, who was elected to Martin Marietta’s board of directors at the company’s annual meeting of shareholders in May. Mr Slager, who is president and chief executive officer of recycling specialists Republic Services Inc., serves on Martin Marietta’s Finance Committee and Ethics, Environment, Safety and Health Committee.
The two new independent 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. As such, neither were eligible for election at the 2016 annual meeting of shareholders and both retired from the board after 23 and 20 years of service to the company respectively.
Welcoming Jack Koraleski (pictured) and Don Slager to the board, which now includes nine outside directors, Martin Marietta chairman, president and chief executive officer Ward Nye said: ‘Both are experienced chief executives who are well versed in corporate governance matters and whose strategic insights will be invaluable in helping Martin Marietta to continue to deliver good results to their shareholders.
‘In addition, their deep knowledge of logistics, transportation and 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 calibre 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.’
Mr Nye continued: ‘On behalf of our board and shareholders, I want to extend my personal thanks and sincere appreciation to Frank Menaker and Richard Vinroot for the years of service and insights they both provided to our company.
‘Each gave generously of their time and consistently provided the board with independent judgement and advice, which have been invaluable to the success of Martin Marietta.’