Anthony Petrello leads the way on executive compensation
Petrello was at the head of seeing that executive pay at NABORs, a natural gas and geothermal energy form, conforms to industry performance. When the board of directors moved to make sure that all of the higher up pay schemes considered the company’s performance performance, Anthony Petrello agreed to let the company buy his contract out. After being with the firm for twenty-two years, he knew he should do what is best for the company.
Larger firms have been under fire for executive pay ever since the housing market collapse of 2008. Many of the executives who caused the collapse received bonuses paid directly out of government bailout money. This was the case in the United States. Many European countries responded by sentencing their executives involved in the housing collapse to prison time. The 2008 banking scandal and how the United States dealt with it compared to other countries sparked a public backlash against executive pay based on anything other than the performance of the company.
Anthony Petrello thinking quickly, responded by letting the NABORs organization buy out the amount of time left on the contract. He continues to serve as a director for the company. As a director, he hopes to continue the company’s efforts to better serves its customers.
Part of providing better service to its customers is encouraging research into developing new technologies and to make existing technologies more efficient. New technologies promises to make things better for everyone. It may even help solve some parts of the climate change debate.