The Year Anthony Petrello Almost Became the Highest Paid Boss
Bright youngsters can take encouragement from the story of Mr. Anthony Petrello, 62-year-old CEO of Nabors Industries. From his days as a freshman at Yale University Anthony Petrello is remembered as a gregarious and brilliant young man. While at Yale he studied mathematics. He completed both a B.S. and an M.S. degree. During his years at Yale, he became a protégé of renowned mathematician Professor Serge Lang, and many thought that he might go on to become a brilliant academic. However, Mr. Petrello had other plans. The next stop after Yale was Harvard Law, where Anthony Petrello completed his JD. Shortly after that, he went to work for the highly reputed law firm Baker & McKenzie in 1979. Six years later Mr. Petrello was promoted to Managing Partner of the New York Office of the firm.
Anthony Petrello served in that capacity until he left Baker & McKenzie to become the COO at Nabors Industries in Houston, Texas. The year was 1991. That was when his career took off as did his compensation.Nabors Industries is the most prominent land-based oil and gas drilling contractor on Earth. The NYSE traded company has over 15,000 employees and does 2.2 billion Dollars worth of business every year. In 2011 Mr. Anthony Petrello became the CEO of Nabors Industries, and a year later he was named the chairman of the board. As chairman, it has been his responsibility to provide strategic planning initiatives that would ensure the companies continued success. Mr. Petrello has done so brilliantly. His performance has yielded monetary rewards.In 2015 Anthony Petrello would have been the highest paid boss in America. His compensation package came to $27,522,939. It consisted of the following:
- Salary $1,580,077
- Bonus $7,772,700
- Stocks $16,342,206
- Other $1,827,956
During that year specific changes were made to the executive compensation program with the intention of returning some of the money to the company’s shareholders. So, he would have made even more money and been at the top of the list. As chairman, the decision was his to cut his compensation. It was a generous gesture on Mr. Petrello’s part and an acknowledgment that the shareholders are the real boss. Learn More.