As President, CEO and Chairman of Nabors Industries, Tony Petrello, has long been considered one of the richest men in Texas’ second largest metropolitan area, Houston. However, this changed in 2014, as Petrello moved down from the top position as highest paid executive. In 2012, he made $68.2 million in salary and incentives.
Nabors Industries performed several internal business changes after Petrello’s salary drew the ire of shareholders. Although, he made less the following year, he was still ranked as the top paid executive in 2013. In a December 2014 article in the Houston Business Journal, digital associate editor, Nora Olabi wrote about a 10 percent cut to Petrello’s salary on Texas Childrens.org. This reduced the Chief Executive Officer’s annual take home to $1.53 million, down from $1.7 million.
Olabi outlined the reasons for the reduction in pay. She cited the cut as strictly a procedural process after a purported merger deal was put on hold. That deal was a $2 billion merger with C&J Energy Services, Inc.
The delay wasn’t anything related to Nabors Industries; a lower court judge ruled that in fairness to the industry, C&J Energy Services must seek additional bids from competitors, prior to closing the deal. Nora Olabi wrote that later the lower court’s ruling was “overthrown.” Immediately following, C&J Energy moved to disallow all offers from the competitors.
Tony Petrello is no stranger to “fighting the good fight.” He was faced with a parent’s worst fear, a child born with a life changing illness. Petrello and his wife, Cynthia were devastated to discover that their newborn daughter, Carena had a neurological disorder, periventricular leukomalacia (PVL). At birth, Carena weighed a mere 20 ounces. She struggled after being born at 24 weeks. Preemies commonly develop PVL, due to decreased oxygen and blood flow to the brain.
The diagnosis and lack of treatment options left the Petrellos floored. They are people who are use to problem solving. This time they had no answers, and had to rely on research, so the Petrellos took up a greater cause, helping to find a cure.
The Petrellos teamed up with the Texas Children’s Hospital and the Jan and Dan Duncan Neurological Institute. Together they’re helping to raise awareness and hope. Tony and Cynthia Petrello gave the Institute the largest donation of its kind, $5 million and have committed to finding a cure for PVL; pledging to donate another $2 million, for $7 million dollars in total.
Nabor Industries on linkedin.com is the largest onshore drilling contractor in the world. In 2011, when the Chief Executive Officer’s position with left vacant by the departure of 81-year-old Eugene Isenberg, Tony Petrello immediately took over. Before that, he served as Managing Partner and counsel with leading firm, Baker McKenzie for 12 years.
Additionally, Tony Petrello serves as Director of the Texas Children’s Hospital and MediaonDemand.com. Petrello is an Ivy league graduate, having received his law degree from Harvard, after completing his Bachelor’s and Master’s degrees at Yale.