Nabors ex-chief gives up $100 million parting paycheck on investor ire

Former chief executive of Nabors Industries, Eugene Isenberg, would give up the $100 million parting paycheck, on the back of a firestorm of criticism triggered by his resignation in October, the company said yesterday.

Isenberg's final paycheck would have seen him make10 times the amount he received in salary and bonuses in 2010. He would have made more by leaving Nabors than what he earned in his final quarter as chief executive of the company.

The board maintained that the payout was due as he retained his role as board chairman. He would give up that position, too, when it would come to an end in June, according to a company statement.

He would be named chairman emeritus.

Isenberg, who served as chief executive of the oil and gas drilling company for 24 years and was among top ranked Houston executives, said he had plans for donating the amount to charity.

He said he ultimately concluded that everyone's interests, including the company's and those of its shareholders would be best served by the new arrangement.