Both will be subject to a shareholder election in 2012.
Holland is executive co-chairman of Max Petroleum and has served on the board of Financial Guaranty Insurance Corporation since July 2009.
A graduate of the University of Texas Law School, he has also previously served on the boards of Pier 1 Imports, Affiliated Computer Services, and represented the US on the board of executive directors of the World Bank.
Welty has three decades of experience in the chemical industry and a background in global business and served in executive roles with Celanese, Hoechst, HB Fuller and Flint Ink.
She has been an executive advisor since 2005 to private equity firms in transactions involving specialty chemical companies, and provided input on business valuations, due diligence and value creation strategies.
The graduate of the University of Kansas has served on the board of chemical manufacturer Vertellus since 2007.
In related Massey news, the producer also announced Monday that it had appointed both Holland and Welty to serve as a two-person independent committee to review all pending shareholder litigation as well as a related shareholder demand.
"In our effort to be fully responsive to stockholder concerns, we have appointed this committee of two new directors to provide the board of directors a fresh, yet informed, analysis of the issues raised in a number of shareholder derivative suits and a related shareholder demand brought by stockholders," lead independent director Admiral Bobby Inman said.
"Their evaluation should provide us with valuable guidance on what steps the company should take in connection with these lawsuits."