By Houston Business Journal

Nabors Industries Ltd. (NYSE: NBR), which is headquartered in Bermuda with offices in Houston, changed up its leadership Oct. 28 when Eugene M. Isenberg, CEO and chairman of the board received a $100 million payment to give up his role as CEO. He will remain chairman of the board.

Isenberg, who has served as CEO and chairman since 1987, will be replaced as CEO by Anthony G. Petrello. Petrello has served in many roles at Nabors since 1991, including director, president, COO and deputy chairman. In addition to his new role as CEO, he will continue in his roles as director and deputy chairman. Petrello also serves as a director of Stewart & Stevenson LLC and Hilcorp Energy Co., which are both oil and gas-related companies based in Houston.

Nabors will record Isenbergâ¿¿s $100 million payment in its fourth-quarter results and end-of-year statements, according to a report filed with the U.S. Securities and Exchange Commission.

Click here to view the SEC filing on Naborsâ¿¿ payout.

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