Petrello had big payday in 2013, but by all accounts, he deserved it
In 2013, Tony Petrello was one of the highest paid CEOs in the United States. Making just over $68 million, the veteran CEO was certainly not hurting for money. Many people criticized this outsized payday as being both exorbitant to the shareholders and completely out of all proportion, based on Tony Petrello’s performance as CEO. However, there’s little to indicate that this payday fell outside of the normal range of pay that CEOs will perform as incredibly well as Petrello are usually awarded.
Between 1991 and 2013, Petrello led the company from a low stock price of just $0.50 per share all the way up to $50 per share, prior to the stock being split. Between 2013 and 2016, Petrello oversaw the stock doubling again. This track record makes Petrello one of the most productive CEOs in U.S. corporate history and starts to put a different perspective on his 2013 compensation package.
My Petrello’s real value to the company has come from his visionary leadership. After making a series of strategic acquisitions, Petrello successfully positioned that company to become the main provider of all directional drilling and fracking equipment to the Bakken Shale oil plays of North Dakota. This proved to be a huge boon to the company, sending sales through the roof and shooting the stock price to the stratosphere.
Aside from being one of the most qualified CEOs in the United States, with a Juris Doctor degree from Havard Law School and an MS in mathematics from Yale, Petrello has proven his acumen both as a corporate executive and as an able strategist. He has taken the company out of bankruptcy and led it on to become one of the most successful drilling services firms in the country. As long as Petrello remains at the helm of Nabors Industries, the company’s future has never looked more promising.
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