Leadership & Pay ·
Martin Marietta Materials, Inc. announced the promotion of Michael J. Petro to Executive Vice President and Chief…
MLMMartin Marietta Materials Inc
Martin Marietta Materials, Inc. announced the promotion of Michael J. Petro to Executive Vice President and Chief Financial Officer effective August 4, 2026. The appointment is accompanied by a new employment agreement detailing a $750,000 base salary, a target annual incentive award equal to 100% of base salary, and a target long-term incentive award of 260% of base salary. Petro will receive a one-time restricted stock unit grant valued at $5,000,000, vesting ratably over three years. The agreement includes severance provisions equal to three times the sum of base salary and target bonus in the event of termination without cause or for good reason, along with a three-year post-termination restrictive covenant. An amended employment protection agreement provides change-of-control severance benefits equal to three times annual compensation. Martin Marietta Materials operates in the construction materials industry, producing aggregates, asphalt, ready-mix concrete, and cement.