NEW YORK (
long-time CEO Eugene Isenberg is expected to receive $100 million in cash as part of a deal that replaces him with a new chief.
Nabors announced on Friday its intention to replace Isenberg, who has led the company for 24 years, with Anthony Petrello, the company's chief operating officer. Isenberg will remain chairman.
"Under his extraordinary leadership, the company grew from its emergence from bankruptcy in 1987 into one of the most successful oil service companies in the world," said John Yearwood, Nabors lead director, in a statement.
A regulatory filing Friday from Nabors outlined a termination agreement that would give Isenberg $100 million cash and $26 million in stock and options.
"I have complete confidence that Tony is the right person to take over as CEO," Isenberg said in a statement. "I believe the company's brightest and most successful days are ahead of it."
Large severance packages to outgoing CEOs are uncommon but not unusual. Former
CEO William McGuire was
given $1.2 billion upon departure and agreed not to serve in any capacity as chief of a public company for 10 years.
Lee Raymond, who served as
CEO from 1999 to 2005, was
given a $392.5 million package upon his exit. Raymond retired after leaving his post -- he had started at Exxon in 1963 as a production research engineer.
sent former CEO Robert Nardelli packing with
$212 million after a tenure that ran from 2000 to 2007.
-- Written by Joe Deaux in New York.
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