Nabors Industries’ Tony Petrello Partners With Houston Relief Programs In Hurricane Harvey Aftermath
Tony Petrello has become known for being more than just a business leader. He’s become a model of charitable giving and a leader in philanthropy in Houston, especially after the city was hit by Hurricane Harvey this last year. Hurricane Harvey brought extensive damage to the city of Houston this last year destroying many homes and businesses and leaving many people without basic resources. Tony Petrello’s company, Nabors Industries was happy to join the relief efforts through both fundraising and donating manpower. Petrello told all company employees they would be paid for volunteering their time to relief efforts, and he matched over $173,000 in fundraising for the relief.
Nabors Industries is publicly traded and is the world’s largest land-based and offshore drilling company. Petrello is responsible for managing contracts, overseeing technology development initiatives and forming partnerships to build the company’s portfolio. Some of the technologies that have been trademarked at Nabors Industries during Petrello’s time there include horizontal wells, offshore modular rigs and hybrid drilling equipment. Tony Petrello has also been compensated well for his position at Nabors Industries, including a contract renegotiation in 2013 at a shareholder meeting that made him the highest paid CEO at over $68 million in total compensation.
Tony Petrello is actually originally from New Jersey and went to college at Yale University. He was known by all to have a very high mathematics acumen and even had the privilege of studying under Serge Lange, a world famous mathematics professor. Petrello got both his bachelor’s and master’s degrees in math, but he suddenly changed heart and decided to go to law school instead. Upon graduating and passing the bar exam, Petrello joined Baker & McKenzie law firm in New York. He spent 13 years there advising clients on corporate law and tax compliance. It was while here that he met the executives from Nabors Industries who offered him a position as Chief Operating Officer in 1991. Petrello later became CEO in 2011.
Tony Petrello’s generosity has specifically touched the Texas Children’s Hospital. He has a young daughter named Carena who has cerebral palsy which was caused by periventricular leukomalacia when she was only an infant. When doctors told him there was no cure for Carena’s condition, he dedicated a lot of his charity to finding one. He saw the goals that the Texas Children’s Hospital had at the Dan and Jan Duncan Neurological Research Institute and decided to give $7 million to it. Petrello says he hopes more people will become aware of and support this foundation.
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