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CF Industries Holdings Executive Compensation (FY25)

CF · Northbrook, IL · Executive and director compensation, fiscal 2022 to 2025

The paid brief on CF Industries Holdings

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Data as of September 7, 2026Latest filing (8-K): May 4, 2026
16 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
CF Industries Holdings brief$1,500Get the executive brief
363 figures on this page: 352 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
W. Anthony Will
Latest say-on-pay support
=
April 28, 2026
Chief executive pay ratio
◇
To the median employee

More on CF Industries Holdings

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — W. Anthony Will: $12,296,083 → $13,711,938 (11.5% higher)
Say-on-pay support: 93.6% → 92.4% (1.2 points lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is CF Industries Holdings' chief executive and what were they paid?
W. Anthony Will was paid $13,711,938 in total compensation as President and Chief Executive Officer for fiscal 2025. Compared with the $12,296,083 reported for fiscal 2024, Will's total was 11.5% higher.
What was CF Industries Holdings' say-on-pay result?
Shareholders supported the say-on-pay proposal with 92.4% of votes cast including abstentions in favor at the meeting held April 28, 2026 for fiscal 2025.
Which companies are in CF Industries Holdings' peer group?
The disclosed peer group includes Air Products and Chemicals, Inc., Albemarle Corporation, Ashland Global Holdings, Inc., Avient Corporation and Cabot Corporation, among others.
What is CF Industries Holdings' chief executive pay ratio?
The company reported a chief executive pay ratio of 88:1 for fiscal 2025, against median employee compensation of $155,394.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Anthony Will
President and Chief Executive Officer
◇—◇—◇◇◇◇
Bert A. Frost
Executive Vice President, Sales, Market Development and Supply Chain
◇—◇—◇◇◇◇
Christopher D. Bohn
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
Susan L. Menzel
Executive Vice President and Chief Human Resources Officer
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Anthony Will
President and Chief Executive Officer
◇—◇—◇◇◇◇
Christopher D. Bohn
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
Bert A. Frost
Executive Vice President, Sales, Market Development and Supply Chain
◇—◇—◇◇◇◇
Susan L. Menzel
Executive Vice President and Chief Human Resources Officer
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Anthony Will
President and Chief Executive Officer
◇—◇—◇◇◇◇
Bert A. Frost
Executive Vice President, Sales, Market Development and Supply Chain
◇—◇—◇◇◇◇
Christopher D. Bohn
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
Gregory D. Cameron
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Susan L. Menzel
Executive Vice President and Chief Human Resources Officer
◇—◇—◇◇◇◇
Ashraf K. Malik
Executive Vice President, Business Development
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Anthony Will
President and Chief Executive Officer
◇—◇—◇◇◇◇
Susan L. Menzel
Executive Vice President and Chief Administrative Officer
◇—◇—◇◇◇◇
Christopher D. Bohn
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
Gregory D. Cameron
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Bert A. Frost
Executive Vice President, Sales, Market Development, and Supply Chain
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bert A. FrostPSU◇—◇—◇—◇
Bert A. FrostPSU◇◇◇—◇—◇
Bert A. FrostPSU◇◇◇—◇—◇
Bert A. FrostRSU◇——◇——◇
Christopher D. BohnPSU◇◇◇—◇—◇
Christopher D. BohnRSU◇——◇——◇
Christopher D. BohnPSU◇◇◇—◇—◇
Christopher D. BohnPSU◇◇◇—◇—◇
Gregory D. CameronPSU◇◇◇—◇—◇
Gregory D. CameronPSU◇◇◇—◇—◇
Gregory D. CameronRSU◇——◇——◇
Susan L. MenzelPSU◇◇◇—◇—◇
Susan L. MenzelRSU◇——◇——◇
Susan L. MenzelPSU◇◇◇—◇—◇
Susan L. MenzelPSU◇◇◇—◇—◇
Susan L. MenzelRSU◇——◇——◇
W. Anthony WillPSU◇◇◇—◇—◇
W. Anthony WillPSU◇◇◇—◇—◇
W. Anthony WillPSU◇◇◇—◇—◇
W. Anthony WillRSU◇——◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Bert FrostPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
Christopher BohnPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Gregory CameronPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Susan MenzelRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
W. WillRSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Christopher D. Bohn
Executive Vice President and Chief Operating Officer · Change-in-control agreement · dated January 4, 2026
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen J. Hagge
Board chair · Lead independent director
◇◇———◇◇
John W. Eaves
◇◇———◇◇
Deborah L. DeHaas
◇◇———◇◇
Michael J. Toelle
◇◇———◇◇
Susan A. Ellerbusch
◇◇———◇◇
Theresa E. Wagler
◇◇———◇◇
Anne P. Noonan
Board chair · Lead independent director
◇◇———◇◇
Robert C. Arzbaecher
◇◇———◇◇
Celso L. White
◇◇———◇◇
Javed Ahmed
◇◇———◇◇
Jesus Madrazo
◇◇———◇◇
Christopher D. Bohn served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Air Products and Chemicals, Inc. APD
  • Albemarle Corporation ALB
  • Ashland Global Holdings, Inc. ASH
  • Avient Corporation AVNT
  • Cabot Corporation CBT
  • Celanese Corporation CE
  • Corteva, Inc. CTVA
  • Eastman Chemical Company EMN
  • Ecolab Inc. ECL
  • FMC Corporation FMC
  • Huntsman Corporation HUN
  • International Flavors & Fragrances Inc. IFF
  • Nutrien Ltd. NTR
  • Olin Corporation OLN
  • RPM International Inc. RPM
  • The Chemours Company CC
  • The Mosaic Company MOS
  • The Scotts Miracle-Gro Company SMG
  • Westlake Corporation WLK

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 28, 2026=◇◇◇
2024May 6, 2025=◇◇◇
2023April 18, 2024=◇◇◇
2022May 3, 2023=◇◇◇
2021May 11, 2022=◇◇◇
2020May 4, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 8, 2019=◇◇◇
2017May 10, 2018=◇◇◇
2016May 12, 2017=◇◇◇
2015May 12, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact CF Industries Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where CF Industries Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
363 figures on this page: 352 cited to the filing that reported them, 11 calculated from figures it prints.
352 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001104659-26-055000
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001104659-26-029482
    2025 Director Compensation · 2025 Outstanding Equity Awards at Fiscal Year End Table · 2025 Summary Compensation Table · Director Compensation · and 1 more section
  3. 0001104659-25-123145
    EXHIBIT 10.1
  4. 0001104659-25-046136
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001104659-25-027767
    Summary Compensation Table
  6. 0001104659-24-049451
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001104659-24-031807
    Summary Compensation Table
  8. 0001104659-23-056516
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001104659-23-035476
    Summary Compensation Table
  10. 0001104659-22-060464
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001104659-21-061844
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001104659-20-065401
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001104659-19-028609
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001104659-18-032430
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001104659-17-033469
    Item 5.07 Submission of Matters to a Vote of Security Holders
  16. 0001104659-16-120952
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “CF Industries Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CF (accessed 2026).
Short form: data: Velarion

The paid brief for CF Industries Holdings

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
16 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers CF Industries Holdings discloses

The companies named in CF's own disclosed peer group.

Air Products and Chemicals, Inc.Albemarle CorporationAshland Global Holdings, Inc.Avient CorporationCabot CorporationCelanese CorporationCorteva, Inc.Eastman Chemical CompanyEcolab Inc.FMC CorporationHuntsman CorporationInternational Flavors & Fragrances Inc.Olin CorporationRPM International Inc.The Chemours CompanyThe Mosaic CompanyThe Scotts Miracle-Gro CompanyWestlake Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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