Union Pacific Fortifies Board with CF Industries CEO W. Anthony Will Ahead of Projected 2026 Growth

OMAHA, Neb. — Union Pacific Corporation has announced the appointment of W. Anthony Will, the long-serving President and CEO of CF Industries, to its board of directors, a strategic move effective January 6, 2026. This high-profile addition comes as the railroad giant positions itself for what some market analysts are forecasting as a period of double-digit earnings growth driven by strong economic conditions.

Union Pacific announced that W. Anthony “Tony” Will will join its board following his planned retirement from CF Industries on January 4, 2026. Will has led the global hydrogen and nitrogen products manufacturer since 2014, overseeing a significant period of its growth. His tenure at CF Industries began in 2007, and he steadily rose through the ranks from vice president of corporate development to senior VP of manufacturing and distribution. In a statement, UP Chairman Mike McCarthy praised Will’s appointment, noting his “proven leadership and impressive track record will be instrumental as we continue our work to build America’s first transcontinental railroad and transform the nation’s supply chain.”

The timing of Will’s appointment aligns with a bullish outlook for Union Pacific. Stephanie Link, chief investment strategist at Hightower Advisors, recently projected that UP is poised to become a “double-digit earnings story in 2026.” Link anticipates that a strong economy will fuel better freight volumes, which, combined with the company’s focus on cost efficiencies and service productivity, will drive significant margin expansion. This optimistic forecast provides a powerful backdrop for Will’s entry, whose experience leading a major industrial shipper offers valuable perspective on the supply chain challenges and opportunities facing the railroad.

Will joins the Union Pacific board at a pivotal moment for the company and the broader rail industry. Beyond the strong operational forecasts, market attention is also focused on Union Pacific’s potential strategic moves, including a much-discussed proposed acquisition of Norfolk Southern. This high-stakes environment demands experienced leadership capable of navigating complex regulatory and market dynamics. Will expressed his enthusiasm for the role, stating, “It’s an exciting time for both Union Pacific and the rail industry as a whole, and I’m looking forward to leveraging my experience to help guide Union Pacific as we shape the future of rail.”

Key Takeaways

• Strategic Leadership Addition: W. Anthony Will brings CEO-level experience from a major industrial shipper (CF Industries), adding a critical customer-side perspective to Union Pacific’s board.
• Timing Aligns with Growth Forecasts: The appointment is set for early 2026, coinciding with analyst predictions of double-digit earnings growth for Union Pacific, driven by strong volumes and efficiency gains.
• Deep Industry Expertise: Will’s background in manufacturing, distribution, and corporate development at a global scale is expected to support UP’s strategic goals in supply chain transformation.

Editor’s Analysis

Union Pacific’s appointment of Tony Will is more than a routine board refreshment; it’s a calculated strategic move. By bringing in a leader from a key customer segment—industrial manufacturing and commodities—UP signals a deepened commitment to understanding and integrating the shipper’s perspective into its core strategy. This is crucial as railroads face increasing competition and pressure to improve service reliability. As UP navigates a landscape of potential mega-mergers and a push for greater efficiency, Will’s track record in operations and corporate development at a company like CF Industries provides the board with invaluable, real-world supply chain expertise. This move strengthens governance and positions UP to better capitalize on the anticipated economic upswing in 2026.

Frequently Asked Questions

Who is W. Anthony Will?

W. Anthony Will is the President and CEO of CF Industries Holdings, a global manufacturer of hydrogen and nitrogen products. He has held this role since 2014 and will join the Union Pacific board after his retirement in January 2026.

When does the board appointment become effective?

W. Anthony Will’s appointment to the Union Pacific board of directors is effective January 6, 2026.

What is the financial outlook for Union Pacific in 2026?

According to analysis from Hightower Advisors, Union Pacific is expected to experience double-digit earnings growth in 2026, supported by a strong economy, increased freight volumes, and ongoing improvements in cost efficiency and productivity.