Departing Nabors CEO Gene Isenberg Will Get $100 Million
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Gene Isenberg, former chief executive officer of Nabors Industries Ltd., is slated to receive $100 million in cash after making way for a new CEO at the world’s largest land-drilling contractor.
Nabors will record the sum as a contingent liability in the fourth quarter because of provisions in Isenberg’s employment agreement, the Hamilton, Bermuda-based company said in a regulatory filing on Oct. 28. The liability was earlier reported in the Wall Street Journal. Anthony Petrello, Nabors’s president, was promoted to CEO in place of Isenberg, who will remain as chairman.