In the year 2013, Anthony Petrello who works as a CEO in Nabors Industries was named as the best-paid boss according to Equilar’s list of 50 top-paid CEOs in America. He received $68.2 million that year, and this was 246 percent of the amount he received in the year 2012. Apparently, he might not be position one again in the year 2014 because the shareholders do not agree with the compensation.
Many wonder why he is highly paid but they do not know that he is the company’s executive roster serving as the chairman, CEO, and president. Nabor Industries serves the oil sector as an oil-field service company and a contract driller and has been doing well in business under Petrello’s control. He has been working for the company for more than a decade after leaving Baker and Mckenzie law firm in the year 1991. He has been developing his career in the company moving from one leadership ladder to another until in the year 2011 when he replaced Isenberg who was serving as the president and CEO.
Since Anthony Petrello became Nabor’s CEO, the company’s share price grew by 180 percent, and this was a great progress. The shareholders were happy about this improvement but still outraged about his paychecks, and most of them refused to support the compensation plan prepared in the year 2011 and 2012. The outrage by the shareholders continued for some time, and finally, in April 2014, Nabor considered to change their compensation and corporate governance practices. Some of the changes advocated for include splitting the roles of the chairman and the CEO. This would limit the severance payments for the executive to about three times of the executive’s salary and bonus. Shareholders would also gain the right to elect any person as long he has a 5% percent stake in the company. With these changes, it is possible Tony Petrello would not be number one on Equilar’s list of 50 top-paid CEOs in 2014.