Anthony Petrello is the chief executive officer of a renowned corporation, Nabors Industries. In 2013, he made $68.2 million, an increase of 246 percent from what he generated in 2012. To this end, he ranked number one on AP and on the list of the country’s 50 top-paid chief executive officers as published by Equilar. However, his fate of defending this title was dependent on shareholders reaction.Shareholders felt that his perks and paycheck were too high. Notably, most shareholders did not approve the generous executive compensation plans passed by the board in 2011.
With intensive pressure from the shareholders, Nabors gave in and changed its corporate governance and compensation practice. These changes included splitting the functions of the CEO and chairman, limiting severance payment and allowing shareholders to elect any person to the board of directors provided he or she has at least 5 percent stake in the corporation.Tony is also the chairman of the company. Nabors engages in the lucrative oil business not as a producer, but as an oil-field service and contract driller. Over the years, the company has developed a voracious appetite for acquiring other companies. The entity has around 500 rigs in 25 nations. To this end, they believe that they have the largest land-based drilling rigs in the globe. Nabors has a high demand in the flourishing shale-fracking business.
Tony was appointed to Nabors’ board in 1991. Previously, he was working for a renowned law firm, Baker & McKenzie. Here, he zeroed in on taxation, international arbitration and general corporate law. Between 1986 and 1991, when he resigned, Petrello worked in the law firm’s New York office as a managing partner. He is an alumnus of the revered Harvard Law School where he earned his J.D. degree. In addition, the executive holds B.S. and M.S. degrees in Mathematics from the prestigious Yale University.Owing to his vast experience, Tony’s services have been enlisted by different companies.
He is a director of Hilcorp Energy Company and Stewart & Stevenson LLC. He is also affiliated with the Texas Children’s Hospital where he serves as a member of the board of trustees. Over the years, Petrello has been advocating for clinical programs and research to provide solutions to the problem of neurological disorders in children.