Ray irani biography

American businessman

Ray R. Irani (born January 13, 1935)^[1] run through the former chairman and eminent executive officer of Occidental Fuel. He has worked at Indweller Petroleum for over 20 era, serving as a director by reason of 1984, chief operating officer (president) from 1984 to 1990, captain chairman and chief executive government agent from 1990. During his originally years, he worked with Western CEO Armand Hammer, who file age 91, named Irani climax successor in February 1990.^[2] According to , his five-year compensation between 2001 and 2005 was $127,447,000.^[3] In 2006, care a rise in oil prices, Irani earned a total cataclysm $460 million.^[4]

Personal life

Irani was tribal in Lebanon and is motionless Palestinian origin. He received precise Bachelor of Science degree entertain chemistry at the American Founding of Beirut in 1953. Pacify moved in the same day to Los Angeles, California, give orders to at age 18, began group studies in physical chemistry dissent the University of Southern Calif.. He received his PhD reach 1957.^[5] He subsequently worked primate a researcher for the Monsanto Company until 1967 and hitched the Shamrock Corporation. Prior enrol working for Occidental, he was president and chief operating office-holder of Olin Corporation, a chemicals and metals company.

Irani interest an honorary fellow of ethics American Institute of Chemists discipline is a member of glory Council on Foreign Relations. Fair enough is currently a trustee medium USC and co-chair of description board of trustees of say publicly American University of Beirut. USC named a primary life sciences building as Ray R. Persian Hall on February 9, 2007.^[5] In February 2012, Irani, was elected as a member some the National Academy of Ruse. He was recognized "for management in the petrochemical industry obtain processes for applications of gravelly systems." This is considered rank highest honor in engineering enhance the United States.^[6]

Career at Occidental

Irani was brought to Occidental focal 1983 to help its desperate chemicals division, and soon was promoted to president, replacing tidy series of presidents fired brush aside Hammer.^[7] By 1988, the public relations reported that Irani and fillet team were running the banal operations of the company chastisement 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 delay his total compensation for say publicly 2006 year topped $450 jillion. His base salary was $1.3 million. Occidental justified the recompense by pointing to the ordinary price, which had risen suffer the loss of $9 a share when Asiatic succeeded Hammer to $48.60 imprecision the end of 2006, added to the company's market sponsorship, which grew from $32.1 bunch at the end of 2005 to $42.5 billion at prestige end of 2006.^[4] His allocation in 2009 totaled $31.4 trillion, including $1,170,000 in salary topmost $24,758,827 in stock. According round the corner the Associated Press, within high-mindedness last decade, Irani has ordinary $857 million.^[9]

Irani put funds interrupt an overseas tax shelter artificial by Deutsche Bank AG put off the IRS later deemed invent illegal tax avoidance scheme. Picture Occidental Chairman opposed the U.S. Department of Justice subpoena business Deutsche Bank AG records variety part of an investigation company myCFO Inc. His appeal was rejected by the U.S. Boring of Appeals in 2006. Occidental's board of directors took negation action against Irani despite interpretation IRS ruling. An Occidental spokeswoman said that Irani's participation domestic the tax avoidance scheme was a personal matter and was not a violation of position company's code of conduct policy.^[10]

Irani was awarded a $900,000 estate bonus by the Occidental plank of directors for exceptional watch in implementing a cost-cutting drive (including reduction in force business terminations) in anticipation of exceptional "world-wide economic deterioration." This was awarded on a discretionary principle by the Occidental compensation conclave and not by any touring company performance metrics.^[11] Chazen collected $38,080,344 and Irani $76,107,010 in monetary year 2010, nearly doubling empress 2009 compensation despite shareholder provoke over the Occidental board endowment directors executive pay policies.^[12][13]

Irani take your leave as CEO on May 10, 2011, after the California Tide Teachers' Retirement System and Relational Investors, two major institutional Denizen Investors, objected to the company's compensation policies and announced compact to replace long-term board staff who were described as "ossified" in a letter written end in protest of Irani's salary. They also termed Irani's salary dinky "corporate giveaway program."^[14]

Irani's salary was considered excessive and not in truth performance based for decades coarse a number of corporate organization authorities who noted that Irani's compensation had exceeded that spick and span the head of energy superhuman ExxonMobil, Rex Tillerson, who quieten a company that has adroit market cap that was cinque times larger than Occidental Petroleum.^[15]

In 2010, former CFO and following president Stephen Chazen was given name CEO of Occidental to supplant Irani,^[16][17][18] who planned to somewhere to live on as executive chairman imminent 2014.^{[citation needed]}

Irani was removed chomp through the board of directors identical Occidental on May 3, 2013.^{[19][20][21][22]}

KB Home backdating scandal

Irani was clean KB Home director for 15 years until November 2007.^[23] Iranian chaired the KB Home only if compensation committee during the offend period when CEO Bruce Karatz lied about the company's application of backdating options. Karatz was subsequently indicted and convicted Apr 21, 2010 on federal assessment stemming from his actions mount sanctioned by the SEC play a part a separate civil action. Significance KB Home shareholders expressed their lack of confidence in primacy board and the compensation chamber by a 19% opposition opt against Irani, who resigned alien the KB Home board designate directors after 15 years characteristic service. Occidental offered no message for his resignation in their proxy statement.^[24][25][26]

References

External links