Education and work background
Anthony Petrello is the President, CEO, and the Chair of the board of directors at Nabors Industries Ltd. He trained at Harvard Law School where he attained a J.D. degree. Petrello trained at Yale University where he graduated with a B.S. and M.S. degree in mathematics. Prior to joining Nabors Industries, Tony practiced corporate law, taxation, and international arbitration. He worked for Baker & McKenzie law firm until his resignation 1991. Petrello is married Cynthia Carrafa, a producer, and soap-opera actress.
Promotion to CEO
Eugene Isenberg, the previous CEO of Nabors Industries, stepped down from the helm after serving for more than twenty years. Anthony Petrello, who was then the Chief Operating Officer and President took over as the CEO. According to Isenberg, Anthony Petrello was the right person for the post since they had worked closely together and both have intensive knowledge of the company’s strategies and operations.
Tony’s compensations and why he won’t be on the 2014 top paid CEO’s
Anthony Petrello earned a total compensation of $27,512,939 in the 2015 financial year. This amount comprises of the bonuses as well as the annual base pay on Salary. The shareholders of Nabors Industries were alerted by the CEO’s payouts. The shareholder rebellion was led by Blue Harbor Group and California State Teacher’s Recruitment System. Nabors gave into the shareholder’s demands in 2014 and decided to change the corporate governance as well as the compensation practices.
The changes included separating the roles of CEO and chairperson. This change gave the shareholders the right to vote for anyone with at least 5 percent shares in the company into the board of directors. It also reduced the executive’s bonus and salary. These steps were taken to turn more money to the shareholders.
Lloyd Grove and his article on Tony
Lloyd Grove in his article on The Daily Beast said that Tony was his college roommate. Grove remembered Tony as an extrovert with a Jersey accent. According to Grove, Tony was a mathematics genius who wrote theorems and proofs on greasy napkins, and at a tender age of 18 became a protégé of an internationally recognized mathematician, Prof. Serge Lang.
Anthony Petrello and his wife Cynthia are active in philanthropy after their daughter Carena was born prematurely at 24 weeks and diagnosed with PVC, periventricular leukomalacia, which is a popular neurological disease in prematurely born infants. It is caused by the limited supply of air or blood to the brain. As a result, their daughter developed cerebral palsy. The situation of their daughter led them to partner with Jan and Dan Duncan Neurological Research Institute. Tony and Cynthia have contributed generously to the firm.
Nabors Industries Ltd.
Nabors Industries was established in 1968. Currently, the firm possesses and operates the world’s biggest land-based drilling rigs on LinkedIn. It has approximately 500 rigs in 25 states. Its headquarters are situated in Hamilton, Bermuda. Nabors is the chief provider of offshore drilling rigs in many international markets including the United States.
Nabors Industries has highly experienced workforce which offers directional drilling services, innovative technologies, and performance tools to international oil and gas markets. Under its good leadership, the company has survived several financial crises such as the 1990-1991 recession. The company was featured in the S&P 500 Index of the biggest publicly traded companies in the U.S. See: http://www.bloomberg.com/research/stocks/private/person.asp?personId=290691&privcapId=290681