Tony Petrello takes helm of struggling business, turns it around

Tony Petrello has enjoyed a spectacular career. There are few CEOs in all of North America who are more roundly credentialed then Petrello. With an MS in mathematics from Yale as well as a Juris Doctor degree from Havard Law School, Tony Petrello has perhaps more brain power than any other CEO in the United States today.

After working for approximately a decade with famed law firm Mackenzie Baker as a mergers and acquisitions attorney, Petrello was recruited by Nabors Industries to become their new chief operations officer. Nabors Industries had been going through tough times. The company had a long and proud pedigree, beginning with its formation, in the late ‘50s, as a conglomerate to extract oil from the Prudhoe Bay oil fields of Alaska. In fact, Nabors Industries was one of the crucial participants in the opening of Alaska’s oil reserves, leading to great prosperity for a state that had previously been mired in grinding poverty. This was particularly beneficial to the local Inuit populations, who had found it difficult to survive in a state with few jobs and where their traditional way of life had been made nearly impossible.

The company still to this day has widespread name recognition throughout the state of Alaska, where many people still associate it the greatest boom times in the state’s history. However, by the 1980s the company’s fortunes had fallen considerably. After decades of mismanagement, the company was in a position of near insolvency. In 1988, Nabors Industries entered into chapter 11 bankruptcy protection. Things were dire and they needed the right man to lead them into the future.

Tony Petrello was working on a number of cases for the firm pertaining to their bankruptcy. Management noticed him and he was immediately recruited to come on board in an executive role. Today, Petrello has led Nabors Industries to become the nation’s premier oil services company.