CEO gets $100M severance, stays with company

October 31, 2011 12:46:35 PM PDT
An oil drilling company, Nabors Industries, is about to give its CEO and chairman a $100 million severance payout. But he isn't leaving the company.

The Wall Street Journal reports that 81-year old Eugene Isenberg is promoting his long time lieutenant to CEO, but will remain as the company's chairman.

The drop of a title triggered a clause in his contract entitling him to the $100 million as a result of his change in responsibility. The severance payout is actually more money than the entire company netted in third quarter income.