Tony Will

Tony Will has served as President and CEO of CF Industries Holdings since 2014, leading the world's largest producer of ammonia and one of the largest manufacturers of nitrogen fertilizer products including urea, UAN (urea ammonium nitrate), and AN (ammonium nitrate). Headquartered in Deerfield, Illinois, CF Industries operates one of the most efficient nitrogen manufacturing networks in North America with access to low-cost natural gas — the key input for ammonia production. Will's most forward-looking strategic initiative has been positioning CF Industries as a leader in clean ammonia. Ammonia (NH3) is increasingly viewed as a critical molecule for the hydrogen economy — it can serve as a hydrogen carrier for long-distance transport, a direct fuel for power generation, and a marine fuel replacing bunker oil. CF Industries is investing in carbon capture and sequestration at its Donaldsonville, Louisiana complex (the world's largest ammonia plant) to produce "blue" ammonia, and exploring green ammonia projects using renewable energy. Under Will's leadership, CF Industries has generated massive free cash flow during periods of elevated natural gas-to-nitrogen fertilizer spreads (which widened dramatically after Russia's invasion of Ukraine disrupted global fertilizer supply chains). His decisions on clean ammonia investment pace, capital return to shareholders through buybacks and dividends, natural gas hedging strategy, and capacity expansion versus returning capital are the primary drivers of CF Industries' stock performance.