Nabors Industries is an oil, natural gas and geothermal drilling contractor. They operate in the Americas, Middle East, Far East and Africa. The company provides support for both on shore and off shore oil drilling.
Tony Petrello was elected to the executive committee and board of directors in 1991. Prior to that Patrello received a degree from Harvard Law School as well as bachelors and masters degrees in Mathematics from Yale University. After his education Tony Petrello was at the law firm Baker & McKenzie were he practiced international arbitration, taxation and general corporate law. He served as the managing partner of the firm’s New York office from 1986 until 1991. His roles at Nabors Industries include chief operating office from 1991-2011, president, deputy chairman since 2003, president and chief executive officer since October 2011, and also chairman of the board and executive committee since his appointment in 2012.
In 2013 Petrello made $68.2 million. That put him as the number 1 top paid CEO in 2013 on the AP list of top 50 paid CEOs. However, he was not able to make it back on that list in 2014. Since becoming CEO shares are up 180%, which isn’t bad, but shareholders are not happy with Petrello’s compensation. Petrello agreed to change the companies corporate governance and compensation practices. Changes included limiting executive severance payment to 3 times an executive’s salary and bonus, and giving shareholders the right to elect anyone with at least a 5% stake in the company to its board of directors. This resulted in Tony being excluded from the top 50 paid CEO list in 2014.