DEERFIELD, Fig – (BUSINESS WIRE) – CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced a proposed change in leadership positions on its board of directors.
Stephen A. Furbacher, current CEO of CF Industries, will retire at the AGM in May 2022
The Board of Directors has elected Stephen J. Hagge, the current Independent Director of CF Industries, as its new Chairman, effective January 1, 2022
The Board of Directors has elected John W. Eaves, the current Independent Director of CF Industries, as the new Chairman of the Compensation and Management Development Committee effective January 1, 2022
“I am honored by the trust my fellow board members have placed in me to serve as CF Industries CEO,” said Stephen J. Hagge. “On behalf of the Board of Directors, I would like to thank Steve Furbacher for nearly 15 years with CF Industries. His leadership was instrumental in making CF Industries and its board of directors what they are today. We look forward to building on the progress we have made under his leadership as we work together to create long-term value for stakeholders. ”
“Being on the board of CF Industries has been an enormous privilege over the past 15 years,” said Stephen A. Furbacher, current chairman. “I am very proud of the work we have done over the past few years to expand the skills, experience and diversity of the Board of Directors. These focused efforts have strengthened the Board’s ability to be an effective advocate for stakeholders and a valued resource for management in the years to come. ”
Change of leadership in the board of directors
Stephen A. Furbacher has announced to the board that he will retire and not stand for re-election to the board at CF Industries’ annual general meeting in May 2022, under the company’s general policy that no board member is the age of 74 Years are proposed for re-election or reappointment to the board. Mr. Furbacher will be a member of the Management Board until the end of his current term of office at the Annual General Meeting. He has been an independent director since 2007 and chairman since 2014.
Accordingly, the CF Industries Board of Directors has elected Stephen J. Hagge, former President and Chief Executive Officer of Aptar Group, Inc. and current independent director of the company, as its new Chairman effective January 1, 2022.
In this role, Mr. Hagge will coordinate the activities of the independent directors, coordinate the independent directors ‘agenda and moderate the independent directors’ meetings, and facilitate communication between the other members of the board of directors. He has been an independent director since 2010, most recently as Chairman of the Compensation and Management Development Committee and as a member of the Audit Committee.
The Board of Directors of CF Industries has elected John W. Eaves, Executive Chairman of Arch Resources, Inc. and the current Independent Director of the Company, as the new Chairman of the Compensation and Management Development Committee 1, 2022. Mr. Eaves has served as an Independent Director of the Company since 2017 .
Overview of the board of directors
Following Mr. Furbacher’s retirement in May 2022, CF Industries’ board of directors is expected to have eleven members, consisting of ten independent directors and Tony Will, President and CEO of CF Industries Holdings, Inc., who together have a wide range of experience and skills. At this point, more than half of the board members since 2017 will join and the composition of the board will be 55% different (gender or racial / ethnic background).
The Board of Directors, through its Corporate Governance and Nominations Committee, regularly reviews the overall composition of the Board of Directors and its committees to assess whether each reflects the appropriate mix of experience, qualifications, characteristics and skills necessary for current and future global strategy, business and governance .
For biographical information on the CF Industries board of directors, please visit the investor section of www.cfindustries.com.
About CF Industries Holdings, Inc.
At CF Industries, our mission is to provide clean energy to sustainably feed and fuel the world. With our employees focused on safe and reliable operations, environmental stewardship and disciplined capital and corporate governance, we are on the way to decarbonise our world’s largest ammonia production network to produce green and blue hydrogen and nitrogen products for energy, fertilizers, emissions reduction and others industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled warehouse, transportation, and distribution network in North America, and logistics capabilities that enable global reach, underpin our strategy of leveraging our unique capabilities to drive the global transition to clean products speed up energy. CF Industries regularly publishes investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check it regularly.