Part of a CEOs job is to analyze numbers. The head executive of any corporation will continuously use numerical data to gauge the performance of the different departments under his or her direction. This information is the tool which provides insight into what is working and what may need to be adjusted. As such, a CEO needs to have a head for numbers. That explains why in 1991 Nabors Industries bought mathematician turned corporate attorney, Anthony Petrello, in as their COO and president. In 2011, Mr. Petrello became the company’s CEO, and in 2012 chairman of its board of directors.
Tony Petrello is a graduate of both Yale and Harvard. At Yale University, he earned his BS and MS in mathematics, before traveling to Cambridge, Massachusetts where he completed his JD at Harvard Law. With these Ivy League credentials in hand, Baker & McKenzie immediately recruited him to their prestigious law firm. Petrello proved he was not only a sharp mathematician but an able lawyer as well. After only seven years he became the managing partner of Baker & McKenzie’s New York City office in 1986. Five years later attorney-at-law Anthony Petrello resigned to accept the COO job with Nabors Industries of Houston, Texas.
Nabors Industries is a mammoth oil and gas drilling contractor. An S&P 500 listed company, Nabors employs more than 15,000 people and does business in 29 countries around the world. As chairman and CEO, Mr. Petrello implements strategic planning initiatives. His approach has been toward modernizing all aspects of the company’s operations. His actions have led to:
• Making use of technology to reduce cost
• Increasing productivity
• Enhancing worker safety
That has all translated into a stronger company today than the one Mr. Petrello took over in 2011. In 2014 he topped AP’s list of highest paid bosses in America by earning 68 million Dollars. The most considerable part of his compensation was from performance bonuses, such as stock options. Looking at the numbers, Mr. Petrello has done an outstanding job for the shareholders of Nabors Industries. However, subsequently, the executive compensation formula was adjusted by Mr. Petrello and the board of directors. Now more of the company’s profits will go to the shareholders, the real bosses.
Visit nabors.com for more details about Tony Petrello.