The rich get richer

Nabors Industries' Gene Isenberg hits the jackpot with $100 million payout forstepping aside

This little tidbit will give Occupy Wall Street more reason to dig in their heels and bang those drums all the louder: For relinquishing his position as CEO of oil field giant Nabors Industries on Friday, Gene Isenberg will receive $100 million in cash, according to Bloomberg.

Isenberg has been chariman and CEO of the Houston-based company, which operates more than 1,200 oil rigs worldwide, since 1987. According to the Houston Chronicle's accounting of the city's highest paid executives, Isenberg came in 10th in 2010 with a total compensation package worth more than $13.5 million.

The $100 million payday is already causing waves, as Bloomberg reports. “We believe the compensation to Mr. Isenberg is excessive,” Jeff Dietert, an analyst at Simmons & Co. in Houston, wrote Monday in a note to investors. A $100 million payment “for what we view as essentially retiring will be offensive to some.”

Well-known philanthropist and community leader Tony Petrello, Nabors president, takes over as CEO. Isenberg continues in his posittion as chairman.

Unlike other H-Town corporate leaders, Isenberg has remained below the radar for the most part in Houston social circles.

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Party Watch

Houston Public Library Foundation marks 120 years of inspiring learning

What: The Houston Public Library Foundation 120th Anniversary Luncheon

Where: Julia Ideson Building

The scoop: To celebrate the 120th anniversary of the Houston Public Library, more than 200 guests, including academics, elected officials, industry leaders, and philanthropists, gathered for a luncheon inside the historic Julia Ideson Building. Event chairs Michele Leal Farah and Mimi Brown hosted the affair, which featured a compelling keynote by Pulitzer Prize-winning author and University of Houston professor Cristina Garza, who shared personal reflections on the power of literature.

Mayor John Whitmire added remarks on the importance of keeping one’s imagination active through reading. The luncheon raised $235,000 to support the foundation’s mission of lifelong learning, thanks in part to sponsors including the Astros Foundation and H-E-B.

Who: Becky Reyes, Cindy Garza, LaDonna Weems, Federico Salas-Isnardi, Alice Hahn, Sally Evans, Jose Medrano, Rome Street, Neha Goyal, Susan Hanzik, Kate Dentler, Sarah Lenny, Hope Obika, Sofia Gonzalez, Rosalinda Martinez, Cathryn Martinez, Katy Bacon, Sofia Jimenez, Nicole Jimenez, Rocio Mendoza, Lucia Mendoza, Cathy Shu, Ada Wang, Julie Finck, Katy Tsuru, Christina Gola, and Lauren Gottlieb-Miller.

Houston Public Library Foundation luncheon 2024

Photo by Quy Tran

Jason Smith, Mayor John Whitmire, Council Member Julian Ramirez.