Tony Petrello: A Philanthropic CEO

Many companies and philanthropist pledge a commitment to their community but when the time comes they are nowhere to be found. However, when Nabors Industries and their CEO Tony Petrello are put to that test their community knows that they will come through. This confidence in their company is born of a hard-won track record of being an advocate for their community and employees. Nabors Industries Charitable Foundation has personally dispersed over $3 million for educational scholarships. These benefits were not only received by employees but also their children. The company believes in supporting the goals and growth of their employees as well as their family and communities.

More recently Nabors Industries found it’s self in a position to help those in need and quickly jumped on it. When hurricane Harvey hit Houston Texas in 2017 many people faced the devastation and struggled to survive. Homes and businesses were destroyed leaving millions without access to not only housing but even to their next meals. Taking a page from their company’s playbook Nabors Industries employees took time off from work to volunteer their time to those who needed it most. The company employs about 1,200 people and of those about 10% struggled with the Impact that Harvey had left.

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Feeling the personal toll of Harvey Nabors Industries quickly moved to support their employee’s efforts to help. Any employee that took time off to volunteer instead was given paid time off to do so. But there was still more that needed to be done so the cafeteria at Nabors industries was quickly turned into a community kitchen offering hot meals to families multiple times a day. Further, the employees banned together and raised over $170,000 to fund relief efforts. The company’s CEO Tony Petrello was inspired by this compassionate fundraising and matched the donation amount himself.

This charitable donation was not a surprise to anyone who knows him. Petrello has personally contributed a small fortune to various causes that he believes in. Besides encouraging the company that he manages to support education he personally supports it. When a previous professor and mentor, Serge Lang passed away Petrello moved to create n academic award in his honor. Although the award was founded with a donation of $150,000 from Petrello it grew quickly as other alumni donated in memory of their professor. Petrello has also found himself personally affected by neurological conditions in his family. This event has fueled his interest in treating neurological issues and funding research to treat them. Petrello sought out Texas Children’s Hospital and donated $7 Million to fund their research efforts.

Source: https://analystoffinance.com/2017/10/tony-petrellos-nabors-industries-will-purchase-tesco-this-year/

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