When Tony Petrello, CEO and President of Nabors Industries replaced former CEO Eugene Isenberg, in 2011, their share price increased by 180 percent.
Marketwatch reported on May 27th, 2014 that Mr. Petrello earned $68.2 million, in 2013, a 246 percent hike compared to 2012. He made number one on Equilar’s 2013 list of U.S. 50 top paid CEOs. It caused an uproar among many of the company’s shareholders who didn’t support its board’s executive compensation plan from 2011 to 2012. Tony became a member of the Board of Directors in 1991 and contributed to the company expanding to offshore, in 2002.
Nabors moved to Hamilton, Bermuda with the goal of reducing its federal tax liabilities in the United States. Some of the investors were disgruntled about the move and tried to intervene by filing a lawsuit against Nabors Industries, in Houston, Texas. A federal judge presiding over the case ruled in favor of Nabors granting expansion to Bermuda. To satisfy their shareholders, Tony Petrello and the company amended its corporate governance and compensation practices, in April 2014. One of the most significant changes to their practice of compensation is the executive severance payments limitation to three times an executive’s salary and bonus.
Tony Petrello is an experienced lawyer, executive leader, and philanthropist with years of expertise in corporate law, corporate planning, and operations. He holds a law degree from Harvard Law School and completed his undergraduate studies at Yale University. Since 1991, he has climbed the corporate hierarchy, presently serving as CEO, President, and Chairman of Nabors’ Board and Executive Committee. Mr. Petrello, along with his wife Cynthia are humanitarians and devote their time and money to Texas Children’s Hospital and the Dan and Jan Duncan Neurological Research Institute.