Martin Marietta Materials Inc. delivered notice to Vulcan Materials Co. that it intends to nominate five independent director candidates for election to Vulcan's Board of Directors at its 2012 Annual Meeting and has filed a preliminary proxy statement with the Securities and Exchange Commission in connection with the proposal.
Martin Marietta's nominees are proposed to fill the Vulcan directorships whose terms are scheduled to expire in 2012. The nominees are:
- Edward A. Blechschmidt – Former chief executive officer of Novelis Inc. and Gentiva Health Services.
- Philip R. Lochner, Jr. – Former SEC Commissioner and chief administrative officer of Time Warner Inc.
- Edward W. Moneypenny – Former chief financial officer of 7-Eleven Inc., Florida Progress Corp. and Oryx Energy Co.
- Karen R. Osar – Former chief financial officer of Westvaco Corp., MeadWestvaco Corp. and Chemtura Corp.
- V. James Sardo – Chairman of Capstone Infrastructure Corp.
“We believe Vulcan shareholders should have the opportunity to realize the substantial immediate and long term benefits of an approximate 58 percent ownership interest in the combined Martin Marietta and Vulcan,” said Ward Nye, Martin Marietta president and chief executive officer. “The nominees proposed by Martin Marietta are highly-qualified professionals with proven track records and experience serving on public company boards, and we believe they will consider our business combination proposal in an independent manner and in accordance with their fiduciary duties under applicable law.”