Anthony Petrello was ranked as the best-paid CEO in the United States in 2013, with a total payment of $68.2 million. His pay could have been justified by the fact that since he became Nabor’s CEO in 2011, the company’s share price has risen by 180 percent. However, this was not the case in 2014. Considering the proficiency he has shown in running the business, one may wonder why the shareholders could not allow him to receive such a huge bonus in 2014.The shareholders were unhappy with the huge bonus perks issued to the company’s executives in 2013 and 2014. That is why they decided to alter the corporate governance and compensation policy. One of the changes was to separate the chairman’s and the CEO’s roles. By doing this, the executive severance payment was limited to three times an executive’s bonus payment. Although these changes reduced Anthony’s pay to an extent, it did not limit his zeal to serve Harbor.
Petrello’s compensation in the 2015 financial year
Anthony Petrello received $15,202,689 total compensation for his role as the president and CEO of Nabors Industries Ltd. Of the total compensation, $1,575,000 was salary, $10,808,769 was awarded as stocks, $1,492, 982 was his bonus payment, and $1,325,938 was issued as other kinds of compensation.
Anthony Petrello’s career
Petrello joined the Nabor’s board of directors in 1991 following his election. He served as the company’s president and CEO from 1991 to 2011. Tony has been serving as the chairman of the executive board since June 2012. His contribution to the company is immense. He is in charge of strategic planning which ensures that company can compete in the ever dynamic industry.Before joining Nabors, Petrello worked in a law firm known as Backer and Mckenzie. Here, he specialized in general corporate law, taxation and International arbitration, a position that helped him understand how businesses are run. During his service at the law firm, he was appointed as a partner manager in the company’s New York office. Besides his position at Nabor, Anthony is also a Director of Stewart & Stevenson LLC and Hilcorp Energy Firm. He also sits on the Texas Children’s Hospital Trustees board. You can also follow him on twitter: https://twitter.com/tony_petrello