Terminated CEO Waives $100M Payout
Eugene Isenberg would have donated severance pay to charity
By Evann Gastaldo, Newser Staff
Posted Feb 7, 2012 1:14 PM CST
In this undated photo provided by Nabors Industries, Chairman, Director and CEO Eugene Isenberg is shown.   (AP Photo/Nabors Industries)

(Newser) – Eugene Isenberg probably managed to sidestep some of the ire of the 99% with this decision: The former CEO of Nabors Industries agreed to waive his $100 million termination payment when he was replaced as chief executive. Isenberg, who will be kept on as chairman, "certainly didn't need the money," says a spokesperson for the oil-drilling contractor. He was planning to donate the severance payment to charity anyhow, and decided to waive it because the decision "was in the best interest of shareholders," the spokesperson adds.

Isenberg, who made nearly $750 million between 1992 and 2010, has been one of the country's highest-paid executives; this termination payment would have been one of the largest in the history of US corporations and would have exceeded Nabors' net income in the third quarter. Shareholders had not been happy about the payout, the Wall Street Journal notes. The plan to replace Isenberg, 82, was announced after an October conference call during which he gave an unusually slow presentation, but his wife says his health is "all right." In a statement, Isenberg said he hopes Nabors will donate a "substantial portion" of the $100 million to charity.

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Feb 8, 2012 5:36 AM CST
Give me $750m and I'll also get all aw-shucks generous as I laugh and giggle all the way to the bank. What a dickhead. Good to see the shareholders woke up (and hopefully they will be more vigilant about the next CEO's perks).
Feb 8, 2012 5:26 AM CST
Yeah, he still stays on with the company. Just for perks probably, Give it to the shareholders, it is their money after all. Why does 1 person need $100 Million when they are are terminated???? Fucking Rich people.
Feb 8, 2012 12:24 AM CST
good for him? should I be happy that a guy who fleeced a company for so many years with his over-inflated paycheck, that hasn't made the shareholders a dime, that has taken government subsidies while raising prices - is waiving his exorbitant termination payment? Yay - he has a small shred of decency left?