For four years in a row, the salary of CEOs has increased by 8.8 percent year after year, achieving a median annual salary of $10.5 million.
Since the recession, there has been a 50 percent increase in the median CEO pay package where CEOs are now earning 257 times the amount of an average worker’s pay. In 2013, a surge in stock resulted in an increase of 17 percent in the stock component of their pay package. Anthony Petrello, the CEO of oilfield-services company, Nabors Industries, was the highest paid executive in 2013 with a compensation package of $68.3 million. This increase in pay was part of the company’s strategy of encouraging Tony to renew his contract. Shareholders persuaded the board of directors to renegotiate the contract.
About Anthony Petrello
Anthony Petrello joined Nabors Industries in 1991. He was appointed to the company’s board of directors. He was also an active member of the executive committee. Over the years, he has served as the company’s chief operating officer and deputy chairman. Presently, he is the chairman of the board and president of the successful corporation. Anthony Petrello is mandated with the duty of enhancing operational functions and augmenting strategic planning initiatives. Through his transformative leadership, the executive has managed to enhance the company’s growth prospects and profitability margins.
Anthony worked for Baker & McKenzie law firm. Here, he focused on international arbitration, general corporate law and taxation. He rendered his services at the company’s New York office as a managing partner before retiring in 1991. Petrello is a director of Hilcorp Energy Company and Stewart & Stevenson LLC. In addition, he sits on the board of trustees of Texas Children’s Hospital. Tony serves as an advocate for research and clinical programs that seek to help children with neurological diseases. Petrello pursued his studies at the prestigious Harvard Law School and Yale University where he graduated with a J.D., as well as a B.S. and M.S. degree in Mathematics respectively.