Tony Petrello had previously made a name for himself as one of the nation’s top mergers and acquisitions attorneys. Having worked on many of the largest cases of the 80s, he had gained the insight and expertise to take on some of the most challenging legal cases in recent American corporate history. It was no surprise, then, that when he took the helm at Nabors Industries, one of the nation’s leading suppliers of directional drilling equipment, that he tapped into that vast expertise to take the company to the next level of competitiveness.
Shortly after becoming CEO, in 2011, Anthony Petrello decided to undergo a radical restructuring program that he knew would be able to save the company billions of dollars per year in unnecessary taxes. Facing massive disapproval from shareholders and even the board of directors, Petrello went head, outlining an ambitious plan to reincorporate the company in Bermuda, potentially saving enough money to equal the company’s market capitalization multiple times.
After some heavy infighting, Petrello managed to convince the board of directors to pursue his vision. After all, he was the man who had taken the Nabors Industries stock from $0.50 per share straight up to $50 per share. Still, the shareholders were concerned that they would lose their ability to control the direction of the company if it were to be reincorporated in an area that gave them less autonomy over the executive suite. But Petrello overcame these fears, pointing to his more than 20 years of honest and phenomenally successful leadership.
Ultimately, the company was reincorporated in Bermuda, saving it hundreds of millions of dollars per year in unnecessary taxes. Today, Nabors Industries is trading at more than double its price when Petrello took over, making his long reign one of the most successful in the company’s history.