Miguel A. Rodriguez
NABORS INDUSTRIESAbout Miguel A. Rodriguez
Miguel A. Rodriguez, age 54, became Chief Financial Officer of Nabors Industries Ltd. effective October 1, 2025, after serving as Senior Vice President – Operations Finance since joining Nabors in February 2019; he previously spent more than 25 years in finance roles at SLB (Schlumberger) Drilling Group and earned his bachelor’s degree and CPA at UCAB (Venezuela) . As CFO, he oversees financial planning, budgeting, forecasting, treasury, tax and regulatory compliance, reporting to the Chairman/CEO . His incentive design emphasizes pay-for-performance, with short‑term bonus metrics set annually by the Compensation Committee and long‑term awards tied to relative TSR and multi‑year PSUs, under the company’s NYSE‑compliant clawback framework .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nabors Industries Ltd. | SVP – Operations Finance | Feb 2019–2025 | Revamped and streamlined Operations Finance; added Treasury and Tax to remit; strengthened cost focus |
| SLB (Schlumberger) Drilling Group | Various finance roles (incl. Head of Finance for Drilling Group) | 25+ years | Progressive finance leadership; prepared for CFO succession through extensive operational finance experience |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships or external board roles disclosed in company filings |
Fixed Compensation
| Element | Amount | Effective date | Notes |
|---|---|---|---|
| Base Salary | $625,000 | Oct 1, 2025 | Paid bi‑weekly $24,038, less withholdings |
| Transition Cash Bonus | $200,000 | Oct 1, 2025 | Payable on first paycheck following appointment |
| Restricted Stock Award (time‑based) | $200,000 grant‑date value | Oct 1, 2025 | Vests in equal annual installments over three years; shares determined by closing price on grant date |
| Restricted Stock Award (time‑based) | $500,000 grant‑date value | Jan 1, 2026 | Cliff‑vests on fourth anniversary of grant date; shares determined by Dec 31, 2025 closing price |
| Deferred Compensation Award | $250,000 per year | Beginning 2026 | Annual deferred compensation award |
| 2025 STI and RSA Calculations | Based on pre‑promotion targets | 2025 | 2025 bonus and restricted stock awards calculated off pre‑promotion base salary and targets |
Performance Compensation
| Metric / Award | Threshold | Target | Maximum | Vesting / Measurement | Payout basis |
|---|---|---|---|---|---|
| Short‑Term Incentive (STI) | 75% of base | 100% of base | 200% of base | Annual, effective Jan 1, 2026 | Financial metrics set annually by Compensation Committee |
| Total Shareholder Return (TSR) Award | 25% of base | 50% of base | 100% of base | 3‑year performance vs peer group | Earned based on relative TSR percentile outcomes |
| Performance RSUs (PSUs) | 75% of base | 150% of base | 300% of base | Multi‑year; goals set annually | Based on achievement of Committee‑established performance goals |
| Long‑Term PSUs (LTPSU) | — | — | — | First‑year award opportunity | At least $150,000 for first year as CFO |
| Clawback | — | — | — | 3 fiscal years preceding restatement | NYSE‑compliant policy for incentive compensation |
Equity Ownership & Alignment
| Policy | Requirement / Restriction | Details |
|---|---|---|
| Stock Ownership Guidelines | CFO: 3x base salary | Unvested time‑based RS/RSU count; performance‑based awards and options do not; 5‑year window to achieve; must retain 50% of net shares until compliant |
| Holding Requirement | 50% net shares retained | Applies to options exercised and vesting of TSRs, PSUs, RSUs, RSAs until ownership level met |
| Hedging Policy | Prohibited | No trading in put/call options or short sales of company shares under Insider Trading Policy |
| Pledging Restricted Stock | Prohibited during vesting | Restricted stock may not be sold, transferred, pledged, hypothecated or assigned during vesting period |
Beneficial ownership for Mr. Rodriguez was not disclosed in the 2025 proxy (he was appointed CFO in Q4 2025); compliance with CFO ownership guideline will be assessed post‑appointment per policy .
Employment Terms
| Term | Provision | Economics / Conditions |
|---|---|---|
| Employment | At‑will | Company may terminate at any time, with or without cause and without notice |
| Severance (non‑CIC) | 1x base salary | Paid in equal installments over 12 months following termination; general release required |
| Severance (non‑CIC) | 1x target annual bonus (pro‑rated) | Paid at same time as other senior executives; general release and covenant compliance required |
| Healthcare (non‑CIC) | Continued coverage | Up to 24 months post‑termination (subject to COBRA) |
| Severance (CIC double‑trigger, within 24 months) | 2x base salary + 2x target bonus | Lump sum within 60 days post‑termination, subject to Section 409A requirements |
| Good Reason definition | Material pay/role diminution, breach, or failure to assume agreement post‑CIC | Notice/cure periods: notice within 60 days, 30‑day cure, resignation within 60 days if uncured |
Performance & Track Record
- Internal impact and succession: Rodriguez was recruited in 2019 with succession intent; he shaped finance, strengthened cost discipline, and expanded remit to tax and treasury; outgoing CFO Restrepo endorsed his readiness and leadership on the Q2 2025 call .
- CFO status and certifications: He served as CFO and co‑signed the SOX 906 certification on the Q3 2025 Form 10‑Q, affirming compliance and fair presentation .
Investment Implications
- Pay‑for‑performance alignment: Beginning 2026, compensation is heavily performance‑linked via STI (75–200% of base), TSR (up to 100% of base), and PSUs (up to 300% of base), creating strong leverage to multi‑year operational and capital discipline outcomes tracked by the Committee .
- Retention and selling pressure: Time‑based RS awards ($200k vesting ratably over 3 years from Oct 1, 2025; $500k cliff vest at 4 years from Jan 1, 2026) provide retention hooks and defer near‑term liquidity; holding requirements (retain 50% of net shares until ownership compliance) further mitigate selling pressure .
- Downside/CIC protection: At‑will structure with double‑trigger CIC severance of 2x salary+bonus is standard; non‑CIC severance of 1x salary+bonus plus 24 months healthcare balances retention and governance risk .
- Governance safeguards: NYSE‑compliant clawback and hedging prohibitions, plus restricted stock non‑pledging during vesting, reduce misalignment and risk‑taking incentives; monitor annual metric selection rigor and any changes to peer TSR calibration for incentive outcomes .