Deerfield-Ill.-based CF Industries (NYSE: CF ) will get a new CEO next year.
On Monday, the world's second-largest producer of nitrogen fertilizer announced that current Chief Executive Officer Stephen R. Wilson intends to retire at the end of this year. CF further announced that it is promoting Senior Vice President for Manufacturing and Distribution and six-year veteran of the firm W. Anthony Will to replace Wilson as CEO on Jan. 1.
Wilson will remain Chairman of the company. He has been CEO since 2003.
In a statement, CF noted that it went through a "rigorous succession planning process ... over a number of years" before determining that Will is the best man to replace Wilson, and that he "has the right experience and capabilities to lead CF Industries."
After watching CF shares lose 12% of their value over the past year, as the broader S&P 500 marched 15% higher, investors seem to be responding positively to the announcement of a change of leadership. CF shares were up nearly 4% in midday trading.