Mr. Antony Petrello is the president and Chief operating officer of Nabors Industries. Nabors Industries has decided to give its CEO Mr. Petrello a sum of $60 million. This is a tradition the company as top executives are always hugely rewarded for their services. The company reported that I would have paid Mr. Anthony Petrello huge bonuses. This could be possible by activities such as payment of $27 million in stock, $15 million in restricted shares and $18 million in cash which could buy the four years still on Petrello contract.
The company made a promise of Petrello future compensation by tying his compensation to the performance of the company. Petrello and Nabors were serious to get rid of the company past as an Executive ATM. He made a little progress; the methods used were still not right. This is because everyone, every share holder including Petrello should be in a similar decision. An idea of a troubling kind is likely to be a hard task. It will make much more difficult for someone with a habit of lapping unregulated at the pay through.
The board has made a finding that in Petrello was a second paid individual 2012 in the company. This was after a payment he received a sum totaling to $16 million. The company has taken several simple steps on solving the issue of payments to top officials. In the year 2011, a board of members was given a task to sort out the payment practice. This was before advancing Mr. Petrello rank to become the Chief Executive Officer.
It looked extravagant to Nabors Company spending $60 million to pay Mr. Petrello to sign a new contract. This became a serious matter when comparisons are made. Over several years Petrello and his precursor Mr. Eugene Isenb used to top several times highest paid Chief Executive Officers. The board also recently awarded Mr. Eugene a$100 million. He then after wards waived the offer since it brought much tension on the meeting among shareholders. The British firm known as Pamplona Capital Management is concerned by Nabor performance where they bought a 9.3 %.