Nadine Bells, Good News
Submitted by: Jon Gilbert
Controversial Oil and Gas CEO Gives Up $100 Million Golden Parachute
The Wall Street Journal reported that Isenberg's severence payment would be on"one of the largest termination payments in U.S. corporate history."
[Good News] As per his contract, negotiated in 2009, his termination would mean that Nabors would pay him a whopping $100 million in severance, with another $7 million in deferred bonus payments.
Claiming "good faith" and concern over shareholder response, Isenberg declined to accept the payment and will also be forfeiting the $7 million deferred bonus.
Before anyone starts congratulating this sterling CEO for his clear thinking and generosity, it is worth noting that over the past seven years, he has been paid in excess of $170 million in salary, not including bonuses and perks.
Reuters pointed out that "financial regulators launched an informal inquiry into Nabors' executive benefits shortly before the resignation."