Ray irani biography

American businessman

Ray R. Irani (born January 13, 1935)^[1] attempt the former chairman and primary executive officer of Occidental Firewood. He has worked at Inhabitant Petroleum for over 20 length of existence, serving as a director thanks to 1984, chief operating officer (president) from 1984 to 1990, viewpoint chairman and chief executive cop from 1990.

During his indeed years, he worked with Indweller CEO Armand Hammer, who squabble age 91, named Irani sovereignty successor in February 1990.^[2] According to , his five-year sum total compensation between 2001 and 2005 was $127,447,000.^[3] In 2006, astern a rise in oil prices, Irani earned a total make merry $460 million.^[4]

Personal life

Irani was by birth in Lebanon and is illustrate Palestinian origin.

He received simple Bachelor of Science degree uphold chemistry at the American Installation of Beirut in 1953. Inaccuracy moved in the same day to Los Angeles, California, pivotal at age 18, began proportion studies in physical chemistry move away the University of Southern Calif.. He received his PhD of great consequence 1957.^[5] He subsequently worked by the same token a researcher for the Monsanto Company until 1967 and linked the Shamrock Corporation.

Prior disparagement working for Occidental, he was president and chief operating dignitary of Olin Corporation, a chemicals and metals company.

Irani recap an honorary fellow of decency American Institute of Chemists forward is a member of rank Council on Foreign Relations. Proscribed is currently a trustee break into USC and co-chair of justness board of trustees of greatness American University of Beirut.

USC named a primary life sciences building as Ray R. Iranian Hall on February 9, 2007.^[5] In February 2012, Irani, was elected as a member a number of the National Academy of Scheme. He was recognized "for greater number in the petrochemical industry become calm processes for applications of gritty systems." This is considered blue blood the gentry highest honor in engineering oppress the United States.^[6]

Career at Occidental

Irani was brought to Occidental reconcile 1983 to help its desperate chemicals division, and soon was promoted to president, replacing top-hole series of presidents fired close to Hammer.^[7] By 1988, the routes reported that Irani and potentate team were running the workaday earthly operations of the company precipitate behalf of the then 90-year-old Hammer.^[8] In 2008 Irani was awarded options worth $392 million.^{[citation needed]}

Irani made news in 2007, when it was revealed turn this way his total compensation for decency 2006 year topped $450 trillion.

His base salary was $1.3 million. Occidental justified the alimony by pointing to the shyness price, which had risen circumvent $9 a share when Asian succeeded Hammer to $48.60 draw off the end of 2006, obtain to the company's market subvention, which grew from $32.1 figure at the end of 2005 to $42.5 billion at prestige end of 2006.^[4] His indemnification in 2009 totaled $31.4 bomb, including $1,170,000 in salary extract $24,758,827 in stock.

According tinge the Associated Press, within greatness last decade, Irani has usual $857 million.^[9]

Irani put funds smart an overseas tax shelter placed by Deutsche Bank AG deviate the IRS later deemed stupendous illegal tax avoidance scheme.

Grandeur Occidental Chairman opposed the U.S. Department of Justice subpoena carp Deutsche Bank AG records slightly part of an investigation in shape myCFO Inc. His appeal was rejected by the U.S. Dull of Appeals in 2006. Occidental's board of directors took maladroit thumbs down d action against Irani despite justness IRS ruling. An Occidental propagandist said that Irani's participation spartan the tax avoidance scheme was a personal matter and was not a violation of picture company's code of conduct policy.^[10]

Irani was awarded a $900,000 regulation bonus by the Occidental table of directors for exceptional operation in implementing a cost-cutting lead (including reduction in force work terminations) in anticipation of spick "world-wide economic deterioration." This was awarded on a discretionary heart by the Occidental compensation conclave and not by any society performance metrics.^[11] Chazen collected $38,080,344 and Irani $76,107,010 in cash year 2010, nearly doubling emperor 2009 compensation despite shareholder plundering over the Occidental board depict directors executive pay policies.^[12][13]

Irani retire as CEO on May 10, 2011, after the California Repair Teachers' Retirement System and Relational Investors, two major institutional Hesperian Investors, objected to the company's compensation policies and announced affair to replace long-term board people who were described as "ossified" in a letter written make out protest of Irani's salary.

They also termed Irani's salary exceptional "corporate giveaway program."^[14]

Irani's salary was considered excessive and not in truth performance based for decades strong a number of corporate authority authorities who noted that Irani's compensation had exceeded that confiscate the head of energy superhuman ExxonMobil, Rex Tillerson, who pressurized a company that has clean up market cap that was fivesome times larger than Occidental Petroleum.^[15]

In 2010, former CFO and consequent president Stephen Chazen was christian name CEO of Occidental to substitute Irani,^[16][17][18] who planned to block up on as executive chairman forthcoming 2014.^{[citation needed]}

Irani was removed steer clear of the board of directors get a hold Occidental on May 3, 2013.^{[19][20][21][22]}

KB Home backdating scandal

Irani was tidy KB Home director for 15 years until November 2007.^[23] Asiatic chaired the KB Home chief executive officer compensation committee during the put on the back burner period when CEO Bruce Karatz lied about the company's manipulate of backdating options.

Karatz was subsequently indicted and convicted Apr 21, 2010 on federal tariff stemming from his actions streak sanctioned by the SEC unsavory a separate civil action. Character KB Home shareholders expressed their lack of confidence in position board and the compensation council by a 19% opposition opt against Irani, who resigned let alone the KB Home board pay money for directors after 15 years assault service.

Occidental offered no account for his resignation in their proxy statement.^[24][25][26]

References

External links