Tony Petrello; The Lawyer Turned Business Leader

Anthony Petrello is the chairman of Nabors Industries. Nabors Industries has a fleet of drilling rigs. It provides offshore drilling rigs to the global market. Tony Petrello schooled at Yale University and graduated with a degree in Mathematics. He has a graduate degree in Mathematics from the same university. Petrello joined Harvard University where he pursued a Juris Doctor. He started his career at Baker & McKenzie, LLP in New York after getting his law degree. He was involved with taxation, general corporate law, and arbitration at the firm. He was promoted to head the New York Office of the law firm in 1986. Petrello resigned from the practice to join Nabors Industries as a board member and the President and COO in 1991. He became the deputy chairman of the board of directors in 2003.

Petrello stayed in these two positions until 2011 when he was named the CEO. Petrello assumed the role of chairman of the executive committee of the board in 2012. Petrello ranked first on the highest-paid CEOs in 2013. The stock rose by 180% after his appointment as CEO. The performance of the stock of the company led to an increase in the bonuses and the compensation that top management received. The shareholders of the company decided that the figure was too high. They were led by the California State Teachers’ Retirement System. They set forth various regulations to limit the amount of compensation that executives received. The severance payment of an executive is capped at 3x the sum of the salary and bonus.Also visit: https://www.crunchbase.com/person/anthony-petrello#/entity to learn more about him.

The roles of chief executive officer and chairman were split so that different people could hold them.Tony Petrello and his wife Cynthia are supporters of the Jan and Duncan Neurological Research Institute. The center is based at the Texas Children’s Hospital where Tony serves as a board of trustees. The couple committed more than five million dollars towards the Institute. Their daughter was born with a complication that hinders her development. They decided to fund research at the Institute after failing to find a hospital that could cater to their child. The hospital focuses on the brain research of children.