Anthony G. Petrello is the President, CEO, and the Chair of the board of directors at Nabors Industries Ltd. He trained at Harvard Law School where he attained a J.D. degree. Petrello trained at Yale University where he graduated with a B.S. and M.S. degree in mathematics. Prior to joining Nabors Industries, Tony practiced corporate law, taxation, and international arbitration. He worked for Baker & McKenzie law firm until his resignation 1991. Petrello is married Cynthia Carrafa, a producer, and soap-opera actress.
Eugene Isenberg, the previous CEO of Nabors Industries, stepped down from the helm after serving for more than twenty years. Anthony Petrello, who was then the Chief Operating Officer and President took over as the CEO. According to Isenberg, Tony was the right person for the post since they had worked closely together and both have intensive knowledge of the company’s strategies and operations.
Anthony Petrello earned a total compensation of $27,512,939 in the 2015 financial year. This amount comprises of the bonuses as well as the annual base pay. The shareholders of Nabors Industries were alerted by the CEO’s payouts. The shareholder rebellion was led by Blue Harbor Group and California State Teacher’s Recruitment System. Nabors gave into the shareholder’s demands in 2014 and decided to change the corporate governance as well as the compensation practices.
The changes included separating the roles of CEO and chairperson. This change gave the shareholders the right to vote for anyone with at least 5 percent shares in the company into the board of directors. It also reduced the executive’s bonus and salary. These steps were taken to turn more money to the shareholders.
Tony and his wife Cynthia are active in philanthropy after their daughter Carena was born prematurely at 24 weeks and diagnosed with PVC, periventricular leukomalacia, which is a popular neurological disease in prematurely born infants. It is caused by the limited supply of air or blood to the brain. As a result, their daughter developed cerebral palsy. The situation of their daughter led them to partner with Jan and Dan Duncan Neurological Research Institute. Tony and Cynthia have contributed generously to the firm.