Construction materials maker Martin Marietta Materials Inc. said Thursday that C. Howard Nye will take over as CEO on Jan. 1 ahead of Stephen P. Zelnak Jr.'s retirement in the middle of 2010.
Nye, 47, also has been elected to the board of directors, the company said. Nye joined Martin Marietta as president and chief operating office in 2006, having over 20 years of experience in the construction materials industry.
Zelnak, 64, will remain executive chairman of the board until his retirement and then become non-executive chairman.
Shares declined 55 cents to $85.77 in afternoon trading.