The city of Houston suffered through a lot when hurricane Harvey ravaged the shores of Texas destroying houses, flooding roads, causing power outages and bringing the cost of damages to over $120 billion. While cleaning up after the hurricane is an ongoing process, many public and private organizations have led fundraising efforts to deal with it including Nabors Industries chairman Tony Petrello.
Petrello started an online fundraising page for the hurricane victims that raised over $176,000 from various contributors, and Petrello then matched that total with money from his own bank account. But it didn’t stop there; he then gave Nabors Industries employees time off not only to make sure their own homes and families were taken care of, but also to help out neighbors or other people in need. Those who helped emergency response teams were given extra pay for their efforts.
Tony Petrello’s lucrative position as CEO and chairman of Nabors Industries has sometimes made him misunderstood by his critics who haven’t always known his generous side. The oil drilling industry is highly competitive, and Petrello has put in a lot of hard work to keep Nabors Industries at the top over the last three decades. He started out at the company as it’s chief operating officer, and then succeeded Eugene Isenberg in the CEO position after Isenberg passed away. Petrello was given a one-year bonus contract in 2013 where his compensation reached $68.7 million and bumped him up to the highest-paid executive in the US that year.
Tony Petrello was a top mathematics student at Yale University and also studied law and completed his JD at Harvard. From 1979 to 1991 he practiced in administrative and corporate law at the New York branch of Baker & McKenzie law firm. He built a great reputation at being adept with tax laws, managing offshore accounts, mergers and acquisitions and huge financial transactions. It was his advice to Nabors Industries while practicing at the firm that led to Petrello joining the company.
Tony Petrello married former daytime television actress Cynthia Carrafa and is the father of a girl named Carena. Carena has cerebral palsy and the Petrellos have had to help her through a lot of difficulties. But this has also led to their desire to help the medical community study the brain and hopefully one day find a cure. The Petrellos have gotten involved with the Texas Children’s Hospital and decided to help their neurological institute with a $7 million gift.