Trey of Diamonds
Well-Known Member
Liberals are destroying America? What about guys like this?
From Bloomberg
Eugene Isenberg was already exceedingly well paid as chairman and chief executive officer of Nabors Industries Ltd., an oil-drilling company. Now the Nabors board has voted to reward him once again.
The 81-year-old Isenberg has handed over the CEO job to a younger protégé, 56-year-old Anthony Petrello, who has been Naborss president since 1992. Long ago, such a transition might have earned Isenberg a gold watch and a nice retirement dinner. Thats not how they do things these days.
Isenberg stands to collect $100 million in a going-away package. He will continue as Naborss chairman, so he and the company arent really parting ways. A regulatory filing by Nabors explains that the payment is in accord with provisions in Isenbergs employment agreement.
Corporate governance activists are sure to sputter about Isenbergs windfall. He attracted attention in 2009 for having collected more than $625 million in bonuses during more than 2 decades at the helm of Nabors. Corporate Library, an executive-pay monitoring service, in 2009 branded Isenberg one of Americas five most overpaid bosses.
Isenbergs defenders cite his success in reviving Nabors after he took over in 1987, building it into one of the worlds largest drilling companies. Naborss stock has soared more than 15-fold during Isenbergs tenure. By contrast, the Standard & Poors 500-stock index has climbed less than threefold.
Naborss biggest gains came in Isenbergs early years, though. During the past decade, Nabors's stock has been no better than an average performer. Apparently members of the Nabors compensation committee, led by John Lombardi, president of the Louisiana State University System, are not the kind to ask: What have you done for us lately?
From Bloomberg
Eugene Isenberg was already exceedingly well paid as chairman and chief executive officer of Nabors Industries Ltd., an oil-drilling company. Now the Nabors board has voted to reward him once again.
The 81-year-old Isenberg has handed over the CEO job to a younger protégé, 56-year-old Anthony Petrello, who has been Naborss president since 1992. Long ago, such a transition might have earned Isenberg a gold watch and a nice retirement dinner. Thats not how they do things these days.
Isenberg stands to collect $100 million in a going-away package. He will continue as Naborss chairman, so he and the company arent really parting ways. A regulatory filing by Nabors explains that the payment is in accord with provisions in Isenbergs employment agreement.
Corporate governance activists are sure to sputter about Isenbergs windfall. He attracted attention in 2009 for having collected more than $625 million in bonuses during more than 2 decades at the helm of Nabors. Corporate Library, an executive-pay monitoring service, in 2009 branded Isenberg one of Americas five most overpaid bosses.
Isenbergs defenders cite his success in reviving Nabors after he took over in 1987, building it into one of the worlds largest drilling companies. Naborss stock has soared more than 15-fold during Isenbergs tenure. By contrast, the Standard & Poors 500-stock index has climbed less than threefold.
Naborss biggest gains came in Isenbergs early years, though. During the past decade, Nabors's stock has been no better than an average performer. Apparently members of the Nabors compensation committee, led by John Lombardi, president of the Louisiana State University System, are not the kind to ask: What have you done for us lately?
