01—Abstract
Summary
Summary of the 8-K filed July 8, 2025. Cited figures are marked; the original filing is the authoritative source.
Martin Marietta Materials, Inc. (NYSE: MLM) announced on July 7, 2025 that it appointed Michael J.
Petro as Senior Vice President and Chief Financial Officer, effective July 8, 2025, replacing Robert J. Cardin, who had served as Interim Chief Financial Officer since April 10, 2025. Cardin will remain with the company as Senior Vice President, Controller and Chief Accounting Officer.
Petro, age 41, joined the company in 2015 and has served as Senior Vice President of Strategy and Development since 2021, a role he will continue to hold following the appointment. Under an offer letter executed in connection with the promotion, Petro's base salary will increase to $600,000a and he will receive a one-time restricted stock unit grant with a grant date value of $1,000,000, vesting in full on the fifth anniversary of the Effective Date, subject to continued employment. His target annual incentive award (90% of base salary), target long-term incentive award (200% of base salary) and Employment Protection Agreement terms are unchanged.
The press release notes that Petro, as CFO, will continue to oversee the Strategy and Development team and cites his role in acquisitions including Bluegrass Materials, Lehigh Hanson's West Region, Tiller Corporation, Albert Frei & Sons and affiliates of Blue Water Industries. The filing is primarily a leadership and compensation change.
It does not include financial results or guidance. Chair and CEO Ward Nye praised Petro's track record and thanked Cardin for a smooth interim transition.
02—Key points
Key Highlights
- Michael J. Petro appointed Senior Vice President and Chief Financial Officer, effective July 8, 2025
- Robert J. Cardin, interim CFO since April 10, 2025, returns to his role as Senior Vice President, Controller and Chief Accounting Officer
- Petro's base salary increases to $600,000 under the Offer Letter
- One-time restricted stock unit grant with a grant date value of $1,000,000, vesting on the fifth anniversary of the Effective Date
- Target annual incentive award (90% of base salary) and target long-term incentive award (200% of base salary) unchanged
- Petro will continue to oversee the Strategy and Development team in his new role
- Petro has been with the company since 2015, previously serving in investment banking at Wells Fargo Securities and as a consultant at PwC
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer of Martin Marietta?
Michael J. Petro, age 41, was appointed Senior Vice President and Chief Financial Officer effective July 8, 2025. He previously served as Senior Vice President of Strategy and Development, a role he has held since 2021, and will continue to oversee that team.
What happens to the interim CFO, Robert J. Cardin?
Robert J. Cardin, who had served as Interim Chief Financial Officer since April 10, 2025, will remain with the company as Senior Vice President, Controller and Chief Accounting Officer.
What is Petro's compensation under the new role?
His base salary will increase to $600,000, and he will receive a one-time restricted stock unit grant with a grant date value of $1,000,000 that vests in full on the fifth anniversary of the Effective Date, subject to continued employment. His target annual incentive award (90% of base salary) and target long-term incentive award (200% of base salary) remain the same.
What is Petro's background?
Petro joined Martin Marietta in 2015 as Director of Strategy and Development, became Vice President of Strategy and Development in 2018, and was promoted to Senior Vice President in 2021. Before joining the company he worked in investment banking at Wells Fargo Securities and as a consultant at PwC. He holds an undergraduate accounting degree from Louisiana State University and an MBA from Duke University.
04—Continue