Isenberg forfeits rights to $100m payment
NEW YORK (Bloomberg) - Bermuda-based Nabors Industries Ltd’s chairman and former chief executive officer, Eugene Isenberg, forfeited his rights to a $100 million payment and will resign as chairman.
Isenberg, who served as CEO for 24 years before the company replaced him last October, will have his estate collect $6.6 million upon his death, the company said in a statement yesterday. Isenberg will step down as chairman in June.
Nabors, the world’s largest contractor for onshore oil and natural-gas rigs, said on October 28 it would incur a $100 million loss in fourth-quarter earnings associated with the management change, according to a regulatory filing. The company said yesterday it is reviewing that plan.
Isenberg, 82, was replaced by chief operating officer Anthony Petrello.