Tony Petrello is currently the CEO of Nabors Industries Ltd., an oil drilling firm based in the United States. The name Petrello is popular for his huge annual salaries that have seen him appear among the most paid bosses in America. It is also significant when it comes to the area of neurological research as he advocates for clinical and research programs aimed at addressing the necessities of children living with neurological disorders.
Reasons why Tony Petrello did not top the 2014’s best-paid-bosses list
Tony Petrello did not emerge as the top best paid CEO in 2014 due to the resolve of the angry shareholders. Ever since Petrello became the CEO of Nabors Industries, the share price rose by about 180%, which is not a bad situation. However, this did not go down well with a number of shareholders when it was stcked against their CEO’s paychecks and perks. A majority of the shareholders did not support the board’s decisions to offer executive compensation plans that were generous in 2011 and 2012. Reference: http://people.equilar.com/bio/anthony-petrello-nbr/salary/503049#.WFq85pJuFuU
Anger kept rising from then on and the activist Blue Harbor Group and California State Teachers’ Retirement System led a rebellion of shareholders to intervene on the executive payouts of Nabors Industries. The company agreed to restructure its corporate governance and compensation practices in April, 2014. The roles of the CEO and chairman were split and the executive severance pay reduced to 3 times the salary and bonus of an executive. The shareholders got the right to vote in any member who had a minimum of 5% stake in the company to its board of directors. These changes affected Petrello ‘s chances of being the top paid boss in America.
Tony’s Involvement with Texas Children’s Hospital Jan and Dan Duncan Neurological Research Institute
Cynthia and Tony Petrello have a daughter, Carena, who was born with a neurological condition that forces her to fight to achieve the normal development milestones in childhood since birth. They have donated $5 million (total commitment totaling $7 million) to the cause. They have personally committed themselves to lead in fundraising efforts to bring a research initiative to find the cure of their daughter’s condition to life. Carena was born early when she was 24 weeks old and weighed only 20 ounces. She was diagnosed with periventricular leukomalacia (PVL), a neurological disease common in premature infants. It is caused by the lack of blood or oxygen flow to the brain. Carena thus developed cerebral palsy and the Petrellos are wholly devoted to finding a cure. Tony Petrello is a member of the board of trustees of the texas Children’s Hospital.
About Tony Petrello
Tony Petrello got elected to the Board of Directors of Nabors Industries and executive committee of the board in 1991. He was previously based in the Baker & McKenzie law firm where he focused on international taxation, arbitration and corporate law generally. He was the managing partner of the New York office of the firm until his resignation (1986 – 1991). He holds a J.D. degree from the Harvard School of Law and B.S. & M.S. degrees in Mathematics from the Yale University.
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