Martin Marietta Materials, Inc. announced the promotion of Michael J. Petro to the role of Executive Vice President, Chief Financial Officer, effective August 4, 2026. In connection with the promotion, the company executed new employment and employment protection agreements detailing his compensation and severance terms.
Key Details
- Compensation Package: Mr. Petro's annual compensation includes a base salary of $750,000, a target annual incentive award of 100% of base salary, and a target long-term incentive award of 260% of base salary.
- One-Time RSU Grant: He will receive a one-time grant of restricted stock units (RSUs) with a value of $5,000,000, which vests in equal parts on the sixth, seventh, and eighth anniversaries of the grant date.
- Severance & Covenants: The agreement provides for severance equal to three times the sum of his base salary and target bonus for termination without cause. It also includes a three-year post-termination non-competition and non-solicitation covenant.