The Career of Anthony Petrello

Anthony G Petrello is the CEO of Nabors Industries. The company is a holding company of Nabors Exchangeco in Canada. Nabors which started as Angle Energy in 1969 is based in Hamilton, Bermuda; it is the world’s largest geothermal and natural gas drilling contractor. It has its operations in the United States, Middle East, Far East and Africa. Anthony has been its president since 1991. He also worked as the chief operating officer of Nabors Industries from 1991 to October 2011. Before joining Nabors, 1979 to 1991, he worked at the law firm Baker & McKenzie.

He served as managing partner of the law firm from 1986 to 1991. He has also been the chairman of the board of directors at Nabors since 2012. Between 2003 and 2012, he was a director of Stewart and Stevenson, LLC. He has also served as a director in Texas children’s hospital Inc. He is an advocate of research for clinical programs that address the needs of children with neurological disorders. He also served as a director of MediaOndemand.com. Mr. Petrello graduated from Harvard law school with a J.D. degree. He also holds B.S. and M.S. degree in Mathematics from Yale University.

Petrello calculated his compensation for the 2015 financial year to $27,512,939. He received $1,580,077 of the compensation as salary, a bonus of $7,272,000, $16,863,656 in form of stock and the remaining $1,342,206 as different kinds of compensation. He was rated among the top paid bosses in America. However, in 2014, Petrello did not top the list anymore. In April 2014, Nabors decided to change its corporate governance and compensation practices. Among the reforms were splitting roles of the CEO and Chairman. The move caused a limit to executive severance payment to three times a salary on an executive. It gave the shareholders the right to elect anyone with a minimum of 5% stake in the company to join its board of directors. The move was designed to drench the fire over Patrello’s high pay and in turn back some money to the shareholders. Petrello however still held the title of the best-paid CEO in 2013.

Leave a Reply

Your email address will not be published. Required fields are marked *