Tony Petrello the Masterplanner behind Nabors Industry Success

Nabors Industries Ltd is among the leading firms in the oil business. Without proper leadership, the industry could not have achieved its success. Tony Petrello is the CEO of the enterprise, a position he holds dearly. Through his leadership, Nabors has become one of the most reputable companies in the oil sector. Before being promoted to the post of the Chief Executive Officer, he served as the Chief Operating Officer. Before joining Nabors, Tony Petrello worked at Baker & McKenzie, a renowned law firm that focuses on International arbitration, taxation, and policies that govern corporate institutions. He held the post of the managing director at the law firm leaving a positive impact.

Tony Petrello has a strong academic background with a bachelor’s and master’s degree in mathematics, which he received from Yale University. He after that obtained a Juris Doctor Degree from the Harvard School of Law. Tony Petrello was hired by Nabors Industries to take over from Eugene Isenberg who left the CEO position which he had held for over 20 years. He is responsible for developing strategies for the company and running its businesses. Through his leadership, Nabors has become popular across the world as the best firm to hire.

Tony Petrello has been very committed to ensuring that Nabors excels. He was named the company chairman in 2012, and any decision affecting the company can only be passed with his consent. To reward his efforts, Nabors pays Tony Petrello a good salary, and his name has been listed among the best-paid executives in the world. Tony Petrello has improved the working conditions for Nabors workers ensuring that they work under a safe environment. Nabors earned the HERO Award that recognizes firms in the oil industry that provides safety to workers in 2011; this was after workers in their Tuckwell rig survived a spill. This recognition built the company’s reputation, and Tony Petrello is working hard to ensure employees are always safe on site.

DEVCO Struggles with Stagnation in New Jersey

In a recent article published by the Press of Atlantic City questions were raised about an unpaid $20 million loan. The Casino Reinvestment Development Authority made the loan to DEVCO in 2005, but Devco has not made payments and is in arrears of $7 million.

The New Brunswick Development Corporation (DEVCO) is a nonprofit corporation engaged in real estate development. DEVCO was founded in the mid-1970’s to be a catalyst for the revitalization of the city. The New York Times called the company, “A powerful engine for economic growth”. DEVCO is a privately held company that has witnessed $1.6 billion of investment taking place in New Brunswick.

The dispute centers around the Heldrich Hotel that began operation in 2007, says Devco’s Chris Paladino. The timing could not have been worse for the 235 room facility as the economy was beginning its precipitous decline. Last year the hotel’s occupancy rate was at 63.5 percent; its largest account was with Johnson & Johnson, whose executives people the board of directors of the New Brunswick Development Corporation.

The Governor of New Jersey Chris Christie has recently signed into law a bill that would prohibit any state agencies from giving loans, state subsidies, or grants to any businesses that have previously defaulted on other state loans.
DEVCO has assured the state that these loans will be repaid. They have asked for leniency due to the dismal economic conditions that have severely restricted the American economy.