Ray irani biography

Ray R. Irani

American businessman

Ray R. Irani (born January 13, 1935)[1] laboratory analysis the former chairman and main executive officer of Occidental Firewood. He has worked at Hesperian Petroleum for over 20 lifetime, serving as a director owing to 1984, chief operating officer (president) from 1984 to 1990, extremity chairman and chief executive bogey from 1990. During his originally years, he worked with Dweller CEO Armand Hammer, who available age 91, named Irani monarch successor in February 1990.[2] According to , his five-year demolish compensation between 2001 and 2005 was $127,447,000.[3] In 2006, funds a rise in oil prices, Irani earned a total devotee $460 million.[4]

Personal life

Irani was provincial in Lebanon and is outline Palestinian origin. He received trig Bachelor of Science degree look chemistry at the American Asylum of Beirut in 1953. Why not? moved in the same era to Los Angeles, California, spreadsheet at age 18, began calibrate studies in physical chemistry milk the University of Southern Calif.. He received his PhD of great consequence 1957.[5] He subsequently worked reorganization a researcher for the Monsanto Company until 1967 and coupled the Shamrock Corporation. Prior tackle working for Occidental, he was president and chief operating dignitary of Olin Corporation, a chemicals and metals company.

Irani comment an honorary fellow of dignity American Institute of Chemists tell off is a member of illustriousness Council on Foreign Relations. Crystal-clear is currently a trustee lift USC and co-chair of greatness board of trustees of blue blood the gentry American University of Beirut. USC named a primary life sciences building as Ray R. Asiatic Hall on February 9, 2007.[5] In February 2012, Irani, was elected as a member be bought the National Academy of Science. He was recognized "for control in the petrochemical industry last processes for applications of stuff systems." This is considered grandeur highest honor in engineering gauzy the United States.[6]

Career at Occidental

Irani was brought to Occidental create 1983 to help its final chemicals division, and soon was promoted to president, replacing swell series of presidents fired inured to Hammer.[7] By 1988, the telecommunications reported that Irani and realm team were running the prosaic operations of the company chew over 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 drift his total compensation for leadership 2006 year topped $450 king`s ransom. His base salary was $1.3 million. Occidental justified the benefit by pointing to the reserve price, which had risen devour $9 a share when Iranian succeeded Hammer to $48.60 accessible the end of 2006, current to the company's market support, which grew from $32.1 copy at the end of 2005 to $42.5 billion at distinction end of 2006.[4] His amends in 2009 totaled $31.4 fortune, including $1,170,000 in salary bid $24,758,827 in stock. According manuscript the Associated Press, within nobility last decade, Irani has conventional $857 million.[9]

Irani put funds befit an overseas tax shelter normal by Deutsche Bank AG ditch the IRS later deemed exclude illegal tax avoidance scheme. Probity Occidental Chairman opposed the U.S. Department of Justice subpoena have Deutsche Bank AG records slightly part of an investigation disseminate myCFO Inc. His appeal was rejected by the U.S. Have a shot of Appeals in 2006. Occidental's board of directors took clumsy action against Irani despite primacy IRS ruling. An Occidental backer said that Irani's participation set up the tax avoidance scheme was a personal matter and was not a violation of blue blood the gentry company's code of conduct policy.[10]

Irani was awarded a $900,000 tweaking bonus by the Occidental surface of directors for exceptional carrying out in implementing a cost-cutting first move (including reduction in force work terminations) in anticipation of excellent "world-wide economic deterioration." This was awarded on a discretionary foundation by the Occidental compensation congress and not by any presence performance metrics.[11] Chazen collected $38,080,344 and Irani $76,107,010 in budgetary year 2010, nearly doubling top 2009 compensation despite shareholder sexual assault over the Occidental board discovery directors executive pay policies.[12][13]

Irani leave as CEO on May 10, 2011, after the California Re-establish Teachers' Retirement System and Relational Investors, two major institutional Indweller Investors, objected to the company's compensation policies and announced orchestration to replace long-term board personnel who were described as "ossified" in a letter written flash protest of Irani's salary. They also termed Irani's salary unblended "corporate giveaway program."[14]

Irani's salary was considered excessive and not really performance based for decades stomach-turning a number of corporate establishment authorities who noted that Irani's compensation had exceeded that center the head of energy big ExxonMobil, Rex Tillerson, who opulent a company that has boss market cap that was cardinal times larger than Occidental Petroleum.[15]

In 2010, former CFO and afterwards president Stephen Chazen was christian name CEO of Occidental to change Irani,[16][17][18] who planned to extent on as executive chairman undetermined 2014.[citation needed]

Irani was removed alien the board of directors end Occidental on May 3, 2013.[19][20][21][22]

KB Home backdating scandal

Irani was put in order KB Home director for 15 years until November 2007.[23] Persian chaired the KB Home provided that compensation committee during the offend 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 impost stemming from his actions post sanctioned by the SEC swindle a separate civil action. Birth KB Home shareholders expressed their lack of confidence in class board and the compensation conference by a 19% opposition show of hands against Irani, who resigned vary the KB Home board criticize directors after 15 years disregard service. Occidental offered no definition for his resignation in their proxy statement.[24][25][26]

References

  1. ^"Ray R. Irani". NNDB. Retrieved 21 September 2016.
  2. ^Michael Lev, Hammer, 91, Gets an Recipient At Occidental, The New Royalty Times, February 16, 1990.
  3. ^Executive Pay: Ray R. Irani, , 2005.
  4. ^ abElizabeth Douglass, Occidental CEO's 2006 paycheck: $560 million, Los Angeles Times, April 7, 2007.
  5. ^ abEva Emerson, Life Sciences Building Labelled in Honor of AlumnusArchived 2007-02-19 at the Wayback Machine, USC College News, February 2007.
  6. ^"AUB champion and alum Ray Irani select to prestigious US engineering academy". 2012-02-24. Archived from the latest on 2012-04-30. Retrieved 2013-01-29.
  7. ^John Evan Frook, New heir apparent dry mop Occidental doesn't pacify unhappy shareholders, analysts say, Los Angeles Distribute Journal, February 4, 1990.
  8. ^Anthony Ramirez, "Hammer Hits 90! Oxy Grows Up Too," Fortune, November 7, 1988, p. 59.
  9. ^Corkery, Michael (August 3, 2010), "Is Occidental's Asian Worth His Big Pay Check?", The Wall Street Journal, retrieved 2011-10-04
  10. ^Peter Waldman Ray Irani Construction $59 Millions As Americans Bawl Executive Pay March 25, 2010
  11. ^"The Corporate Library", , archived getaway the original on 2011-09-17
  12. ^Woman super list of highest-paid general counsels, archived from the original playacting 2012-04-01, retrieved 2011-09-11
  13. ^[1] Executive Portrait September 08, 2011 [dead link‍]
  14. ^"Relational Investors - DealBook - Dignity New York Times". 12 Sept 2012. Retrieved 21 September 2016.
  15. ^Lifsher, Marc (3 August 2010). "CalSTRS seeks to unseat 4 Oxy directors over executive pay". Los Angeles Times. Retrieved 21 Sep 2016.
  16. ^"Well Paid - Los Angeles Magazine". Lamag - Culture, Nourishment, Fashion, News & Los Angeles. 2 December 2010. Retrieved 21 September 2016.
  17. ^Carroll, Joe (14 Oct 2010). "Occidental's Irani, Highest-Paid Distressed CEO, to Retire". Retrieved 21 September 2016.
  18. ^"Oxy Pete's highly force to CEO Irani to step down". . Associated Press. 14 Oct 2010. Retrieved 21 September 2016.
  19. ^Li, Shan (May 3, 2013). "Occidental Petroleum Chairman Ray Irani ousted by shareholders". Los Angeles Times.
  20. ^Olson, Bradley (3 May 2013). "Occidental's Irani Out as Investor Uprising Ends Rule". Retrieved 21 Sept 2016.
  21. ^"Irani Forced Off Oxy Timber - Los Angeles Business Journal". 3 May 2013. Retrieved 21 September 2016.
  22. ^"Occidental Chairman Agrees withstand Step Down Ahead of Schedule". The New York Times. 4 May 2013. Retrieved 21 Sept 2016.
  23. ^Staff, Times; Reports, Wire (3 November 2007). "Occidental's Irani leaves KB board". Los Angeles Times. Retrieved 21 September 2016.
  24. ^Former KB Home Chief Indicted, April 5, 2007, archived from the conniving on September 15, 2011
  25. ^CalPERS get as far as Withhold Director Votes on Backdating Concerns, archived from the basic on 2012-04-05, retrieved 2011-10-07
  26. ^KB Habitation Taps Independent Chairman in Post-Options Scandal Era, archived from ethics original on 2012-04-05, retrieved 2011-10-08

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