Anthony G. Petrello’s Journey to Being the CEO of The World Largest Drilling Contractor

Anthony G. Petrello, a Newark native is the President, Chairman, and Chief Executive Officer of Nabors Industries Ltd. In 2013, Anthony Petrello was the highest paid CEO earning a total compensation of $68.2 million in the 2012 financial year. Tony Petrello graduated with a JD from Harvard Law School and a bachelor’s and master’s degree in mathematics from Yale University. Before joining Nabors Industries in 1991, Anthony Petrello worked at Baker & Mackenzie as the managing partner in New York office from 1986. His specialties at the law firm included corporate taxes and international arbitration.

Career Development at Nabors

After his resignation from the practice in 1991, Petrello moved to Houston and joined Nabors Industries as the Chief Operating Officer. He also got an election into the Board of Director at Nabors and acceded to the Executive Committee of the Board in the same year. He later became the company’s Deputy Chairman. Petrello was the President, CEO, and Chairman of the Board as well as Chairman of the Executive Committee since 2012 after succeeding Eugene Isenberg. Other positions that Petrello holds include the Director of Texas Hospital and the former Director of Stewart & Stevenson.

Nabors Industries

At Nabors Industries, Anthony Petrello is in charge of the general operations and strategic planning. His expertise in this area has enabled him to realize massive success in the competitive oil markets. Nabors Industries is an oilfield service company that is involved in contract drilling. It has one of the largest collections of the drilling rigs in the world with approximately 500 drilling rigs in 25 different countries. They specialize in offshore, land, and directional drilling, specialty rigs, drilling software and technology as well as the rig equipment.

Nabors Industries has a history of giving a higher compensation to their workers. According to the proxy statements filed in 2015 financial year, Anthony G. Petrello received a total compensation of $27,512,939. His salary comprised of $1,580,077 while the $7,727,000 was a bonus. He sourced $16,863,656 from the stock, and the remaining $1,342,206 was for other compensation plans such as awards. The total annual pay for Mr. Petrello comprises of the base salary and the bonuses that the company files with the SEC every year.

His involvement with Texas Children’s Hospital

Besides being the leading executive at Nabors Industries, Anthony Petrello claims that every day is a miracle for him and his wife as they watch their daughter Carena take her breakfast. Carena was born at 24 weeks with PVL (periventricular leukomalacia), a condition caused by lack of oxygen or blood flow to the brain. She had cerebral palsy and other delayed developmental problems. This brought Petrello to an international search for pediatric research institutions and found one at Texas Children’s Hospital.

In 2006, he donated $5 million that went to the research for the neurological affliction in children. Through the family support, Tony Petrello and his wife committed to raising $7 million in support of the cause. Currently, the Texas Children’s Hospital takes good care of Carena together with other children with different conditions.

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