CF Industries Holdings Inc., Deerfield, Ill., announced on Oct. 13 that current Board Chair Stephen A. Furbacher will retire at the Annual Meeting of Stockholders in May 2022. Stephen J. Hagge, currently an Independent Director, has been elected as incoming Chair, effective Jan. 1, 2022
Furbacher informed the Board of his plans to retire under the general company policy that no director having attained the age of 74 years shall be nominated for re-election or reappointment. He has been an Independent Director since 2007 and served as Chair since 2014.
Hagge is the former President and CEO of Aptar Group Inc. He has been an Independent Director since 2010, most recently serving as Chair of the Compensation and Management Development Committee and as a member of the Audit Committee.
John W. Eaves, Executive Chairman of Arch Resources Inc. and current CF Independent Director, is the new incoming Chair of the Compensation and Management Development Committee. He has been a CF Independent Director since 2017.
Following Furbacher’s retirement, the Board is expected to have 11 members, consisting of ten independent directors and Tony Will, CF President and CEO. The company said that at that time, over half of the members of the Board will have joined since 2017 and the composition will be 55 percent diverse (gender or racial/ethnic background).