Nabors Stock Performance vs. Executive Compensation
I just noticed that over the past 10 years Nabors stock has fallen from 18.43 to 16.30 per share. It's market cap has fallen from $4.9 billion to $4.3 billion. Yet, by my estimates, the two top executives at Nabors (Gene Isenberg + Tony Petrello) have taken home about $1 billion in compensation. (My numbers are estimates. I invite someone to confirm.) Is this insane or what ? Why would anyone invest in a company like this ? What kind of Board would approve such compensation ?
Why don't shareholders revolt? It's crazy to pay that compensation for terrible results. How can a CEO consistently under perform the market yet receive such an outrageous pay package? What kind of Board does Nabors have to permit that ???
A lot of oil and gas companies have track records like this (CHK and SD, for example). There is a culture of having no respect for investors and shareholders, and of treating the company as their own personal property. We need more Carl Icahns to clean up this #$%$.