Anthony Petrello in the early 2010s became one of many CEOs to come under fire for excessive compensation by shareholders, even though the company’s stock had risen nearly 200%.
There were several reasons for the controversy, but primarily it was because most the company’s shareholders did not agree with the company’s executive compensation plan. It was in 2014 that Anthony Petrello agreed that the fair thing to do was to change the company’s corporate governance and compensation practices to bring it in line with what was expected by shareholders. The reforms that Petrello instituted included dividing the roles of chairman and CEO between two people, not allowing executive severance payments to be greater than triple the executive’s salary, and giving shareholders the ability to elect anyone with at least a 5% stake to the board of directors.
Having topped the charts of CEO total compensation, after these reforms Petrello earned just $27.5 million in 2015.
Petrello is currently the Chairman of the Board, President, and CEO of Nabors Industries Ltd, a contract drilling company. He joined the Board of Directors in 1991, served as President and COO until 2011, and became the company’s CEO in 2011. He also serves as director at Stewart & Stevenson LLC of Hillcorp Energy, is a member of the Board of Trustees of Texas Children’s Hospital, and is an advocate for research for cures for neurological disorders.
Anthony Petrello began his academic career with a bachelor and master of science degrees in Mathematics at Yale University and then went on to earn a J.D. at Harvard Law School.
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