Why Tony Petrello Gave $7 Million To Texas Children’s Hospital

Tony Petrello is an American businessman who is the top executive of Nabors Industries, the largest driller in the oil and natural gas industry. He is also a father. Several years ago he and his wife, Cynthia, had a baby girl born very prematurely at just 24 weeks. This led to health complications and she now has a neurological disease that leaves her having many difficulties, including eating.

Tony and Cynthia Petrello saw that there wasn’t enough research being done into childhood neurological diseases. After looking into it they saw that the city they live in, Houston, Texas, is home to one of the premier hospitals that researches these disease and provides care to children that have neurological conditions. Texas Children’s Hospital provides excellent care to its patients and has top researchers help children with many mental conditions such as Down syndrome ADH, and cerebral palsy.

Tony and Cynthia Petrello revel whenever their child learns something new. She is now able to remember the times that she was told doctors were, “able to fix things”, for example. They have also committed to helping researchers into these conditions. In 2006 they pledged to give Texas Children’s Hospital $7 million in support of their mission. Tony Petrello has said that while the researchers and doctors will probably not be able to help his daughter he wants other children to be helped through his family’s donation.

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Tony Petrello started out his professional career as a lawyer in New York City. He was a partner at his law firm when one of his clients at the time, Nabor Industries, was able to lure him away by making him their top executive. He is now the CEO, President, and Chairman. He has been very successful running this company and has been well compensated for doing, so earning $15.2 million in 2016 after accounting for stock awards.

Prior to 2013, Tony Petrello had been one of the most highly paid CEOs in the world. In exchange for being compensated $60 million he agreed to have his pay brought down so that shareholders would receive bigger dividends. His pay is now tied closer to Nabor Industries financial performance which is a change that he agreed with when it occurred. In recent years he has been working to help his company do well given that the price per barrel of oil plummeted in 2016. So far the turnaround seems to be taking hold and the company is poised for further success in the future.

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