Many people would not know that Anthony Petrello is one of the highest paid CEO in America.
This is because Anthony Petrello had brought in $68.2 million in 2013. This was 246% more than what he had made in the year 2012. This is why he was among the top-paid CEOs during 2013. But this is something that may not be happening in 2014.
Anthony Petrello is the chairman of Nabors Industries. This is a company that is in the business of oil. They are into contract drilling. Besides, this oil-field company has always been in the news for its acquisitions.
Nabors is having 500 active rigs today. These are spread over 25 countries. The company has the largest fleet of drilling rigs that are land based. These are in demand. This is especially because the business of shale-fracking is booming now.
Before Nabors, he was working at the law firm, Baker & McKenzie. Over here he was engaged in the corporate taxes. It was this expertise of Anthony Petrello that helped the previous Nabors Chairman, Eugene Isenberg, to take his company offshore. This was in 2002. It was reincorporated in Bermuda. This was done to cut down on its federal taxes. The main offices continued in Houston.
In fact, this was a highly controversial move. A lawsuit was also filed, but it did not help. This is because it was struck down in Houston by the federal judge. In fact, Nabors also managed to nullify the congressional effort in 2007 to shut down these offshore tax evasions. Perhaps this was due to the contribution that was made by Nabors to the Charles B. Rangel School of Public Service. This was at the City College of New York.
In 2011, Anthony Petrello replaced Eugene Iseberg as the president and CEO of Nabors. In 2012, he became the chairman of the board too.
The share prices of the company shot up by about 180% once Anthony Petrello became its CEO. But the shareholders were outraged when they compared this with the paychecks that Anthony Petrello received.
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