This CEO Jut Got $100M Severance — And He Doesn’t Think It’s Nearly Enough
2:00 pm, October 31st | by Hillary Reinsberg
Gene Isenberg, former CEO of oil drilling company Nabors Industries thought he should have gotten $264 million. Apparently, the terms changed over the past three years. Using a formula from 2008, Isenberg believes he should have gotten $264 million rather than the $100 million he got.
Iseberg’s insane compensation has reportedly been an issue for years. In fact, the severance calculation was lowered after shareholder complaints this year.
Frankly, we can understand. The company has a market cap of about $5.5 billion. And they were going to give more than a quarter billion away as severance. That does seem crazy. The $100 million itself seems pretty crazy.
We’ve seen a bunch of huge severance packages lately. El Paso Corp’s CEO Douglas Foshee got $95 million in a merger a few weeks ago. But we haven’t seen anything as big as Isenberg’s. And he’s complaining about it. Really?