Nabors to split CEO, chairman roles

April 14 Mon Apr 14, 2014 7:20am EDT

April 14 (Reuters) - Oilfield services and drilling company Nabors Industries Ltd said it would separate the roles of chairman and chief executive after the tenure of CEO Anthony Petrello ends, following shareholder requests.

Nabors also said it was limiting severance payments for executives to 2.99 times their salary and bonus.

Shareholder activists have actively lobbied to overhaul executive compensation in the energy sector recently, including at oil and gas companies such as Chesapeake Energy Corp, SandRidge Energy Inc and Occidental Petroleum Corp .

(Reporting by Swetha Gopinath in Bangalore; Editing by Prateek Chatterjee)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.