Companies CF Industries Holdings, Inc.
CF Industries (CF): executive pay, fiscal 2025
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CEO vs. named peers67th pct.Of 19 peer CEOs
CEO pay, last three years
- $12,899,559FY2023
- $12,296,083FY2024
- $13,711,938FY2025
CEO total pay was $13,711,938 in fiscal 2025, up from $12,296,083 in fiscal 2024.
FY2025: salary $1,400,000 · bonus $0 · stock awards $7,726,174 · option awards $0
Executives and directors
Bert A. Frost · EVPChristopher D. Bohn · COOGregory D. Cameron · CFOSusan L. Menzel · ExecutiveW. Anthony Will · CEOAnne P. Noonan · Chair of the BoardCelso L. White · Independent DirectorDeborah L. DeHaas · Independent DirectorJaved Ahmed · Independent DirectorJesus Madrazo · Independent DirectorJohn W. Eaves · Independent DirectorMichael J. Toelle · Independent DirectorRobert C. Arzbaecher · Independent DirectorStephen J. Hagge · Chair of the BoardSusan A. Ellerbusch · Independent DirectorTheresa E. Wagler · Independent Director
Frequently asked questions
Who was the highest-paid executive at CF Industries Holdings, Inc. in fiscal 2025?
As disclosed, W. Anthony Will (President and Chief Executive Officer) was the highest-paid executive at CF Industries Holdings, Inc. in fiscal 2025, with total compensation of $13,711,938.
How does CF Industries Holdings, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, W. Anthony Will's total compensation ranked at the 67th percentile of CF Industries Holdings, Inc.'s disclosed peer group.
What is CF Industries Holdings, Inc.'s CEO-to-median employee pay ratio?
As disclosed, CF Industries Holdings, Inc.'s CEO-to-median employee pay ratio was 88:1.
How did shareholders vote on CF Industries Holdings, Inc.'s executive compensation?
As disclosed, 92.39% of shareholders supported CF Industries Holdings, Inc.'s executive compensation in the latest say-on-pay vote.
How much does CF Industries Holdings, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, CF Industries Holdings, Inc. reported total board compensation of $3,520,463 for fiscal 2025.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| W. Anthony Will | $1,400,000 | $0 | $7,726,174 | $0 | $4,200,000 | $57,746 | $328,019 | $13,711,938 |
| President and Chief Executive Officer | ||||||||
| Susan L. Menzel | 700,000 | 0 | 3,909,347 | 0 | 1,119,692 | 11,029 | 183,748 | 5,923,817 |
| Executive Vice President and Chief Administrative Officer | ||||||||
| Christopher D. Bohn | 1,000,000 | 0 | 2,634,772 | 0 | 1,996,923 | 32,554 | 205,464 | 5,869,713 |
| Executive Vice President and Chief Operating Officer | ||||||||
| Gregory D. Cameron | 770,000 | 0 | 1,991,962 | 0 | 1,385,723 | 0 | 134,052 | 4,281,737 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Bert A. Frost | 725,000 | 0 | 2,035,470 | 0 | 1,232,173 | 30,282 | 254,196 | 4,277,122 |
| Executive Vice President, Sales, Market Development, and Supply Chain | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| W. Anthony Will | $13,711,938 | $12,296,083 | $12,899,559 | ↑ +1,415,855 |
| Susan L. Menzel | 5,923,817 | 2,939,524 | 2,980,466 | ↑ +2,984,293 |
| Christopher D. Bohn | 5,869,713 | 5,180,698 | 3,719,703 | ↑ +689,015 |
| Gregory D. Cameron | 4,281,737 | 3,243,586 | — | ↑ +1,038,151 |
| Bert A. Frost | 4,277,122 | 7,078,680 | 3,628,530 | ↓ −2,801,558 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our compensation philosophy seeks to align the interests of our employees and our shareholders through focusing on the total compensation (base salary, short-term incentives, long-term incentives, and benefits) of our employees, including our executive officers. We seek to benefit from this strategy by attracting key talent, retaining strong performers, increasing productivity, and maximizing operational and financial results, while also implementing compensation programs that are cost effective, market competitive, and sustainable across business cycles.
| CEO STI target (% of salary) | 150% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Exequity LLP |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Bert A. Frost | PSU | 2025-01-02 | 1,437 | 3,593 | — | 8,623 | $292,183 |
| Christopher D. Bohn | RSU | 2025-01-02 | — | — | 13,746 | — | 1,179,819 |
| Susan L. Menzel | PSU | 2025-01-02 | 1,548 | 3,871 | — | 9,290 | 353,616 |
| Susan L. Menzel | RSU | 2025-01-02 | — | — | 6,873 | — | 589,910 |
| W. Anthony Will | PSU | 2025-01-02 | 5,917 | 14,792 | — | 35,501 | 1,202,885 |
| Gregory D. Cameron | RSU | 2025-01-02 | — | — | 10,997 | — | 943,873 |
| Susan L. Menzel | PSU | 2025-01-02 | 1,014 | 2,536 | — | 6,086 | 206,228 |
| Susan L. Menzel | RSU | 2025-01-02 | — | — | 28,637 | — | 2,457,914 |
| Bert A. Frost | RSU | 2025-01-02 | — | — | 9,622 | — | 825,856 |
| W. Anthony Will | RSU | 2025-01-02 | — | — | 36,655 | — | 3,146,099 |
| Christopher D. Bohn | PSU | 2025-01-02 | 1,522 | 3,804 | — | 9,130 | 309,341 |
| Bert A. Frost | PSU | 2025-01-02 | 2,168 | 5,419 | — | 13,006 | 495,026 |
| Christopher D. Bohn | PSU | 2025-01-02 | 2,749 | 6,873 | — | 16,495 | 603,449 |
| W. Anthony Will | PSU | 2025-01-02 | 7,742 | 19,355 | — | 46,452 | 1,768,079 |
| Gregory D. Cameron | PSU | 2025-01-02 | 2,476 | 6,189 | — | 14,854 | 565,365 |
| Susan L. Menzel | PSU | 2025-01-02 | 1,374 | 3,436 | — | 8,246 | 301,681 |
| Gregory D. Cameron | PSU | 2025-01-02 | 2,199 | 5,498 | — | 13,195 | 482,724 |
| W. Anthony Will | PSU | 2025-01-02 | 7,331 | 18,327 | — | 43,985 | 1,609,111 |
| Christopher D. Bohn | PSU | 2025-01-02 | 2,374 | 5,935 | — | 14,244 | 542,162 |
| Bert A. Frost | PSU | 2025-01-02 | 1,924 | 4,811 | — | 11,546 | 422,406 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Bert A. Frost | $825,856 | $1,209,615 | $0 | 59.4% |
| Christopher D. Bohn | 1,179,819 | 1,454,952 | 0 | 55.2% |
| Susan L. Menzel | 3,047,824 | 861,525 | 0 | 22.0% |
| W. Anthony Will | 3,146,099 | 4,580,075 | 0 | 59.3% |
| Gregory D. Cameron | 943,873 | 1,048,089 | 0 | 52.6% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Susan L. Menzel | RSU | 1,691 | — | $130,782 |
| Bert A. Frost | RSU | 2,396 | — | 185,307 |
| Christopher D. Bohn | RSU | 2,536 | — | 196,134 |
| Susan L. Menzel | RSU | 5,162 | — | 399,229 |
| Susan L. Menzel | RSU | 6,873 | — | 531,558 |
| Susan L. Menzel | RSU | 6,968 | — | 538,905 |
| Bert A. Frost | RSU | 7,226 | — | 558,859 |
| Christopher D. Bohn | RSU | 7,914 | — | 612,069 |
| Gregory D. Cameron | RSU | 8,252 | — | 638,210 |
| Gregory D. Cameron | RSU | 8,596 | — | 664,815 |
| Bert A. Frost | RSU | 9,622 | — | 744,165 |
| W. Anthony Will | RSU | 9,862 | — | 762,727 |
| Bert A. Frost | RSU | 9,871 | — | 763,423 |
| Christopher D. Bohn | RSU | 10,452 | — | 808,358 |
| Gregory D. Cameron | RSU | 10,997 | — | 850,508 |
| Christopher D. Bohn | RSU | 12,897 | — | 997,454 |
| Christopher D. Bohn | RSU | 13,746 | — | 1,063,116 |
| Susan L. Menzel | PSU | 24,742 | — | 1,913,515 |
| W. Anthony Will | RSU | 25,808 | — | 1,995,991 |
| Susan L. Menzel | PSU | 27,871 | — | 2,155,559 |
| Susan L. Menzel | RSU | 28,637 | — | 2,214,786 |
| Bert A. Frost | PSU | 34,639 | — | 2,678,996 |
| W. Anthony Will | RSU | 36,655 | — | 2,834,898 |
| Bert A. Frost | PSU | 39,019 | — | 3,017,745 |
| Gregory D. Cameron | PSU | 39,588 | — | 3,061,736 |
| W. Anthony Will | RSU | 40,647 | — | 3,143,639 |
| Christopher D. Bohn | PSU | 42,737 | — | 3,305,264 |
| Gregory D. Cameron | PSU | 44,558 | — | 3,446,147 |
| Bert A. Frost | RSU | 45,125 | — | 3,489,968 |
| Christopher D. Bohn | PSU | 49,486 | — | 3,827,216 |
| W. Anthony Will | PSU | 131,959 | — | 10,205,725 |
| W. Anthony Will | PSU | 139,358 | — | 10,777,979 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Stephen J. HaggeIndependent · Board Chair · Lead Independent Director · Compensation and Management Development · Corporate Governance and Nominating · Not standing for re-election | $202,500 | $269,960 | $0 | $0 | $6,573 | $479,033 |
| John W. EavesIndependent · Audit · Compensation and Management Development (Chair) | 140,000 | 170,027 | 0 | 0 | 4,116 | 314,143 |
| Deborah L. DeHaasIndependent · Audit (Chair) · Environmental Sustainability and Community | 139,375 | 170,027 | 0 | 0 | 4,116 | 313,518 |
| Michael J. ToelleIndependent · Corporate Governance and Nominating (Chair) · Environmental Sustainability and Community | 135,625 | 170,027 | 0 | 0 | 4,116 | 309,768 |
| Susan A. EllerbuschIndependent · Compensation and Management Development · Environmental Sustainability and Community (Chair) | 135,625 | 170,027 | 0 | 0 | 4,116 | 309,768 |
| Theresa E. WaglerIndependent · Audit · Environmental Sustainability and Community | 128,125 | 170,027 | 0 | 0 | 4,116 | 302,268 |
| Anne P. NoonanIndependent · Board Chair · Lead Independent Director · Compensation and Management Development · Corporate Governance and Nominating | 126,875 | 170,027 | 0 | 0 | 4,116 | 301,018 |
| Robert C. ArzbaecherIndependent · Audit · Environmental Sustainability and Community | 126,875 | 170,027 | 0 | 0 | 4,116 | 301,018 |
| Jesus MadrazoIndependent · Corporate Governance and Nominating · Environmental Sustainability and Community | 122,500 | 170,027 | 0 | 0 | 4,116 | 296,643 |
| Javed AhmedIndependent · Compensation and Management Development · Corporate Governance and Nominating | 122,500 | 170,027 | 0 | 0 | 4,116 | 296,643 |
| Celso L. WhiteIndependent · Corporate Governance and Nominating · Environmental Sustainability and Community | 122,500 | 170,027 | 0 | 0 | 4,116 | 296,643 |
| Christopher D. BohnEmployee director | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $125,000 |
|---|---|
| Annual equity retainer | $170,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 22,500 / 17,500 / 17,500 |
| Stock ownership guideline | Stock ownership guidelines |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,502,500 |
| Equity awards (grant-date value) | $1,970,230 |
| All other compensation | $47,733 |
| Total cost of the board | $3,520,463 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names CF Industries as a peer
Companies that benchmark against CF
11 companies name CF as a compensation peer
- Celanese CorpCEFY2025
- CVR ENERGY INCCVIFY2025
- DARLING INGREDIENTS INC.DARFY2025
- FMC CORPFMCFY2025
- Huntsman CORPHUNFY2025
- MARTIN MARIETTA MATERIALS INCMLMFY2025
- MOSAIC COMOSFY2025
- OLIN CorpOLNFY2025
- Vulcan Materials COVMCFY2025
Each company listed discloses CF in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
SMG The Scotts Miracle-Gro CompanyNTR Nutrien Ltd.CC The Chemours CompanyMOS The Mosaic CompanyAVNT Avient CorporationHUN Huntsman CorporationWLK Westlake CorporationIFF International Flavors & Fragrances Inc.EMN Eastman Chemical CompanyCTVA Corteva, Inc.ASH Ashland Global Holdings, Inc.CE Celanese CorporationECL Ecolab Inc.CBT Cabot CorporationFMC FMC CorporationOLN Olin CorporationAPD Air Products and Chemicals, Inc.ALB Albemarle CorporationRPM RPM International Inc.
Peer reciprocity
Of the companies CF Industries Holdings, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
The Scotts Miracle-Gro Company (SMG) Nutrien Ltd. (NTR)— The Chemours Company (CC)80✓ The Mosaic Company (MOS)81— Avient Corporation (AVNT)82✓ Huntsman Corporation (HUN)83— Westlake Corporation (WLK)84— International Flavors & Fragrances Inc. (IFF)85— Eastman Chemical Company (EMN)86— Corteva, Inc. (CTVA)87— Ashland Global Holdings, Inc. (ASH)88✓ Celanese Corporation (CE)89— Ecolab Inc. (ECL)90— Cabot Corporation (CBT)91✓ FMC Corporation (FMC)92✓ Olin Corporation (OLN)93— Air Products and Chemicals, Inc. (APD)94— Albemarle Corporation (ALB)95— RPM International Inc. (RPM)96
Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including CF Industries Holdings, Inc..
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Eastman Chemical Company | 2025 | Mark Costa | $1,406,958 | $12,682,200 | $3,278,151 | $987,000 | $19,498,966 |
| 2 | Corteva, Inc. | 2025 | Charles Magro | 1,405,385 | 9,320,078 | 2,330,023 | 3,990,000 | 17,499,399 |
| 3 | Ecolab Inc. | 2025 | Christophe Beck | 1,390,081 | 7,228,101 | 4,566,916 | 3,383,183 | 17,404,935 |
| 4 | Albemarle Corporation | 2025 | J. Kent Masters Jr. | 1,400,000 | 7,949,640 | 2,500,017 | 3,247,618 | 15,513,654 |
| 5 | International Flavors & Fragrances Inc. | 2025 | J. Erik Fyrwald | 1,026,250 | 11,656,764 | 0 | 2,047,230 | 15,002,866 |
| 6 | Huntsman Corporation | 2025 | Peter R. Huntsman | 1,334,125 | 10,513,393 | 0 | 1,329,561 | 14,666,623 |
| 7 | CF Industries Holdings, Inc. | 2025 | W. Anthony Will | 1,400,000 | 7,726,174 | 0 | 4,200,000 | 13,711,938 |
| 8 | The Scotts Miracle-Gro Company | 2025 | James Hagedorn | 1,200,000 | 3,050,950 | 2,805,895 | 3,796,815 | 12,299,261 |
| 9 | FMC Corporation | 2025 | Pierre Brondeau | 1,334,125 | 6,257,919 | 2,373,420 | 1,798,261 | 12,038,391 |
| 10 | Air Products and Chemicals, Inc. | 2025 | Eduardo Menezes | 810,846 | 10,918,501 | 0 | 0 | 11,809,287 |
| 11 | RPM International Inc. | 2026 | Frank Sullivan | 1,135,000 | 5,194,543 | 2,665,673 | 1,703,000 | 11,133,668 |
| 12 | The Mosaic Company | 2025 | Bruce Bodine | 1,245,000 | 7,999,990 | 0 | 902,100 | 10,410,935 |
| 13 | Celanese Corporation | 2025 | Scott Richardson | — | 5,249,958 | 2,249,990 | 1,342,625 | 10,137,072 |
| 14 | Olin Corporation | 2025 | Kenneth Lane | 1,100,000 | 7,486,984 | 0 | 1,069,640 | 9,798,424 |
| 15 | Cabot Corporation | 2025 | Sean Keohane | 1,100,000 | 4,224,847 | 2,274,925 | 1,402,501 | 9,307,883 |
| 16 | The Chemours Company | 2025 | Denise Dignam | 1,058,836 | 3,368,225 | 2,909,677 | 1,175,781 | 8,595,076 |
| 17 | Ashland Global Holdings, Inc. | 2025 | Guillermo Novo | 1,152,332 | 5,233,863 | 0 | 1,313,830 | 7,907,423 |
| 18 | Westlake Corporation | 2025 | Jean-Marc Gilson | 1,288,462 | 3,000,205 | 963,799 | 1,089,692 | 6,423,651 |
| 19 | Avient Corporation | 2025 | Ashish Khandpur | 1,128,269 | 3,763,159 | 0 | 753,777 | 5,818,257 |
| — | Nutrien Ltd. | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| CF Industries Holdings, Inc. | 200% | PSU 60 · RSU 40 | No | Exequity LLP |
| Air Products and Chemicals, Inc. | not disclosed | PSU 60 · RSU 40 | Yes — Relative TSR (compared to S&P 500 Index) | Willis Towers Watson |
| Albemarle Corporation | not disclosed | PSU 50 · RSU 25 · Options 25 | Yes — Relative Total Shareholder Return (rTSR) | Farient Advisors LLC |
| Ashland Global Holdings, Inc. | 90.4% | not disclosed | Yes — Relative Total Shareholder Return (rTSR) | Meridian Compensation Partners |
| Avient Corporation | 51.6% | not disclosed | not disclosed | not disclosed |
| Cabot Corporation | 90% | not disclosed | No | Meridian Compensation Partners |
| Celanese Corporation | 93.4% | PSU 70 · Options 30 | No | Willis Towers Watson PLC |
| Corteva, Inc. | 190.0% | PSU 60 · Option 20 · RSU 20 | No | Frederic W. Cook & Co., Inc. |
| Eastman Chemical Company | 47% | PSA 60 · Option 20 · RSU 20 | Yes — Relative total shareholder return (rTSR) | Aon plc |
| Ecolab Inc. | 137% | PSU 60 · Options 40 | Yes — relative TSR | FW Cook |
| FMC Corporation | not disclosed | not disclosed | Yes | Aon |
| Huntsman Corporation | not disclosed | not disclosed | Yes — Relative TSR | Meridian Compensation Partners, LLC |
| International Flavors & Fragrances Inc. | 98.9% | PSU 60 · RSU 40 | Yes — Relative TSR vs. S&P 500 - Chemicals | FW Cook |
| Nutrien Ltd. | not disclosed | not disclosed | not disclosed | not disclosed |
| Olin Corporation | not disclosed | PSU 60 · RSU 40 | not disclosed | Exequity LLP |
| RPM International Inc. | not disclosed | not disclosed | No | Willis Towers Watson |
| The Chemours Company | not disclosed | Options 50 · PSU 25 · RSU 25 | Yes — Relative Total Shareholder Return (rTSR) | Fariant |
| The Mosaic Company | 50.0% | PSU 60 · RSU 40 | Yes — Total Shareholder Return (TSR) | Pay Governance LLC |
| The Scotts Miracle-Gro Company | 165.8% | PSU 50 · Options 50 | Yes — Absolute TSR (aTSR) | Frederic W. Cook & Co., Inc. |
| Westlake Corporation | 111% | Option 33 · RSU 33 · PSU 33 | Yes — Relative TSR | Willis Towers Watson |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-28 | 121,594,500 | 9,719,484 | 289,150 | 92.39% | Passed |
| 2025 | 2025-05-06 | 131,108,578 | 8,776,627 | 226,125 | 93.57% | Passed |
| 2024 | 2024-04-18 | 150,881,717 | 8,190,913 | 139,235 | 94.77% | Passed |
| 2023 | 2023-05-03 | 153,807,924 | 9,254,455 | 433,100 | 94.07% | Passed |
| 2022 | 2022-05-11 | 165,465,744 | 8,921,353 | 672,149 | 94.52% | Passed |
| 2021 | 2021-05-04 | 161,934,798 | 10,715,711 | 2,022,076 | 92.71% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-04-28 | 92.39%a |
| 2025 | 2025-05-06 | 93.57%b |
| 2024 | 2024-04-18 | 94.77%c |
a. Approved under the standard stated in the filing — “If you abstain with respect to any of these proposals, your shares will be counted as present for purposes of establishing a quorum, and the abstention will have the same effect as a vote against that proposal.”.
b. Approved under the standard stated in the filing — “If you abstain with respect to any of these proposals, your shares will be counted as present for purposes of establishing a quorum, and the abstention will have the same effect as a vote against that proposal.”.
c. Approved under the standard stated in the filing — “If you abstain with respect to any of these proposals, your shares will be counted as present for purposes of establishing a quorum, and the abstention will have the same effect as a vote against that proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 88 : 1 |
|---|---|
| CEO total compensation | $13,711,938 |
| Median employee compensation | $155,394 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| W. Anthony Will | Director | 2026-03-17 | D | 17,654 | $0 | $0 | Common | Form 4 ↗ |
| Bert A. Frost | EVP, Chief Commercial Officer | 2026-03-17 | D | 6,000 | 126 | 756,000 | Common | Form 4 ↗ |
| Richard A. Hoker | VP and Corporate Controller | 2026-03-17 | D | 3,499 | 125 | 438,705 | Common | Form 4 ↗ |
| Erik M. Mayer | VP, Clean Energy & BusDevelop | 2026-03-17 | D | 1,500 | 125 | 187,035 | Common | Form 4 ↗ |
| John W. Eaves | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Javed Ahmed | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Trevor Leigh Williams | SVP, Manufacturing & Dist'n | 2026-04-28 | A | 4,184 | 0 | 0 | Common | Form 4 ↗ |
| Celso L. White | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Anne P. Noonan | Director | 2026-04-28 | A | 2,208 | 0 | 0 | Common | Form 4 ↗ |
| Jesus Madrazo | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Susan A. Ellerbusch | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Robert C. Arzbaecher | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Theresa E. Wagler | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Deborah L. DeHaas | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Michael J. Toelle | Director | 2026-04-28 | A | 1,390 | 0 | 0 | Common | Form 4 ↗ |
| Andrew Scribner | EVP and CFO | 2026-05-26 | A | 6,464 | 0 | 0 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (96 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, W. Anthony Will. DEF 14A, filed 2026-03-17. Section “2025 Summary Compensation Table” · page 81. As printed: 13,711,938. View filing ↗
- Section 01, Susan L. Menzel. DEF 14A, filed 2026-03-17. Section “2025 Summary Compensation Table”. As printed: 5,923,817. View filing ↗
- Section 01, Christopher D. Bohn. DEF 14A, filed 2026-03-17. Section “2025 Summary Compensation Table”. As printed: 5,869,713. View filing ↗
- Section 01, Gregory D. Cameron. DEF 14A, filed 2026-03-17. Section “2025 Summary Compensation Table”. As printed: 4,281,737. View filing ↗
- Section 01, Bert A. Frost. DEF 14A, filed 2026-03-17. Section “2025 Summary Compensation Table”. As printed: 4,277,122. View filing ↗
- Section 03, Bert A. Frost PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher D. Bohn RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Susan L. Menzel PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Susan L. Menzel RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Anthony Will PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Gregory D. Cameron RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Susan L. Menzel PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Susan L. Menzel RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Bert A. Frost RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Anthony Will RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher D. Bohn PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Bert A. Frost PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher D. Bohn PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Anthony Will PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Gregory D. Cameron PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Susan L. Menzel PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Gregory D. Cameron PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, W. Anthony Will PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher D. Bohn PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Bert A. Frost PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-17. Section “CEO Pay Ratio”. As printed: 88 : 1. View filing ↗
- Section 08, Stephen J. Hagge. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 479,033. View filing ↗
- Section 08, John W. Eaves. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 314,143. View filing ↗
- Section 08, Deborah L. DeHaas. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 313,518. View filing ↗
- Section 08, Michael J. Toelle. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 309,768. View filing ↗
- Section 08, Susan A. Ellerbusch. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 309,768. View filing ↗
- Section 08, Theresa E. Wagler. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 302,268. View filing ↗
- Section 08, Anne P. Noonan. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 301,018. View filing ↗
- Section 08, Robert C. Arzbaecher. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 301,018. View filing ↗
- Section 08, Jesus Madrazo. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 296,643. View filing ↗
- Section 08, Javed Ahmed. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 296,643. View filing ↗
- Section 08, Celso L. White. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 296,643. View filing ↗
- Section 08, Christopher D. Bohn. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, W. Anthony Will 2026-03-17. Form 4, filed 2026-03-17. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bert A. Frost 2026-03-17. Form 4, filed 2026-03-19. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Richard A. Hoker 2026-03-17. Form 4, filed 2026-03-19. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Erik M. Mayer 2026-03-17. Form 4, filed 2026-03-19. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, John W. Eaves 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Javed Ahmed 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Trevor Leigh Williams 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Celso L. White 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Anne P. Noonan 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Jesus Madrazo 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Susan A. Ellerbusch 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Robert C. Arzbaecher 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Theresa E. Wagler 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Deborah L. DeHaas 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael J. Toelle 2026-04-28. Form 4, filed 2026-04-30. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Andrew Scribner 2026-05-26. Form 4, filed 2026-05-28. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-04. Item 5.07 · say-on-pay result. As reported: 92.39% (votes for as printed: 121,594,500). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-08. Item 5.07 · say-on-pay result. As reported: 93.57% (votes for as printed: 131,108,578). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-04-19. Item 5.07 · say-on-pay result. As reported: 94.77% (votes for as printed: 150,881,717). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 1,502,500 + equity 1,970,230 + all other 47,733 = 3,520,463, summed across the director compensation table rows.
- Eastman Chemical Company, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Eastman Chemical Company's own proxy. As printed: 19,498,966. View filing ↗
- Corteva, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Corteva, Inc.'s own proxy. As printed: 17,499,399. View filing ↗
- Ecolab Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Ecolab Inc.'s own proxy. As printed: 17,404,935. View filing ↗
- Albemarle Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Albemarle Corporation's own proxy. As printed: 15,513,654. View filing ↗
- International Flavors & Fragrances Inc., Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in International Flavors & Fragrances Inc.'s own proxy. As printed: 15,002,866. View filing ↗
- Huntsman Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Huntsman Corporation's own proxy. As printed: 14,666,623. View filing ↗
- CF Industries Holdings, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in CF Industries Holdings, Inc.'s own proxy. As printed: 13,711,938. View filing ↗
- The Scotts Miracle-Gro Company, Section 10b CEO total. DEF 14A, filed 2025-12-17. CEO total compensation as printed in The Scotts Miracle-Gro Company's own proxy. As printed: 12,299,261. View filing ↗
- FMC Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in FMC Corporation's own proxy. As printed: 12,038,391. View filing ↗
- Air Products and Chemicals, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-11. CEO total compensation as printed in Air Products and Chemicals, Inc.'s own proxy. As printed: 11,809,287. View filing ↗
- RPM International Inc., Section 10b CEO total. DEF 14A, filed 2026-08-25. CEO total compensation as printed in RPM International Inc.'s own proxy. As printed: 11,133,668. View filing ↗
- The Mosaic Company, Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in The Mosaic Company's own proxy. As printed: 10,410,935. View filing ↗
- Celanese Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-04. CEO total compensation as printed in Celanese Corporation's own proxy. As printed: 10,137,072. View filing ↗
- Olin Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Olin Corporation's own proxy. As printed: 9,798,424. View filing ↗
- Cabot Corporation, Section 10b CEO total. DEF 14A, filed 2026-01-27. CEO total compensation as printed in Cabot Corporation's own proxy. As printed: 9,307,883. View filing ↗
- The Chemours Company, Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in The Chemours Company's own proxy. As printed: 8,595,076. View filing ↗
- Ashland Global Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-09. CEO total compensation as printed in Ashland Global Holdings, Inc.'s own proxy. As printed: 7,907,423. View filing ↗
- Westlake Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Westlake Corporation's own proxy. As printed: 6,423,651. View filing ↗
- Avient Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Avient Corporation's own proxy. As printed: 5,818,257. View filing ↗
- Section 10a, The Chemours Company reciprocity. DEF 14A. The Chemours Company's most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, The Mosaic Company reciprocity. DEF 14A. The Mosaic Company names CF Industries Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Avient Corporation reciprocity. DEF 14A. Avient Corporation's most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Huntsman Corporation reciprocity. DEF 14A. Huntsman Corporation names CF Industries Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Westlake Corporation reciprocity. DEF 14A. Westlake Corporation's most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, International Flavors & Fragrances Inc. reciprocity. DEF 14A. International Flavors & Fragrances Inc.'s most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Eastman Chemical Company reciprocity. DEF 14A. Eastman Chemical Company's most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Corteva, Inc. reciprocity. DEF 14A. Corteva, Inc.'s most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Ashland Global Holdings, Inc. reciprocity. DEF 14A. Ashland Global Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Celanese Corporation reciprocity. DEF 14A. Celanese Corporation names CF Industries Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Ecolab Inc. reciprocity. DEF 14A. Ecolab Inc.'s most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Cabot Corporation reciprocity. DEF 14A. Cabot Corporation's most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, FMC Corporation reciprocity. DEF 14A. FMC Corporation names CF Industries Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Olin Corporation reciprocity. DEF 14A. Olin Corporation names CF Industries Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Air Products and Chemicals, Inc. reciprocity. DEF 14A. Air Products and Chemicals, Inc.'s most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, Albemarle Corporation reciprocity. DEF 14A. Albemarle Corporation's most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗
- Section 10a, RPM International Inc. reciprocity. DEF 14A. RPM International Inc.'s most recent proxy was read; its disclosed peer group does not include CF Industries Holdings, Inc.. View filing ↗