Ray Irani: Ray Irani Net Worth, Biography, Age, Spouse, Children & More

About Ray Irani

Ray R. Irani, born in Lebanon in 1935, of Palestinian origin, carved an illustrious career as the former Chairman and CEO of Occidental Petroleum, a post he held after succeeding Armand Hammer in 1990. With a tenure spanning over two decades at Occidental, Irani's leadership saw him earn a staggering $460 million in 2006, buoyed by surging oil prices, contributing to his total compensation of $127,447,000 between 2001 and 2005. Educated with a Ph.D. in physical chemistry from the University of Southern California after moving from Lebanon, his career before Occidental included significant roles at Monsanto Company, Shamrock Corporation, and as President and COO of Olin Corporation. Under his steer, Occidental's chemicals division saw a turnaround, leading to his presidency and operational oversight. Despite his notable earnings, including $857 million over a decade and a controversial $900,000 bonus for a cost-cutting initiative, his retirement in 2011 followed objections from key investors, marking an end to an impactful stint highlighted by financial milestones and legal challenges, including the KB Home backdating scandal.

Born

January 01, 1935

Age

91 years

Source Of Wealth

Oil

Industries

Energy

Citizenship

United States

Residence

Los Angeles, CA

Education

Doctorate, University of Southern California

Ray R. Irani was born on January 13, 1935, in Lebanon to Palestinian parents. He grew up in a modest household and showed a keen interest in science and chemistry from an early age.

Ray Irani: Family

Irani is married and has two children. He is known for his close family ties and has often spoken about the importance of family values in his life.

Ray Irani: Career Highlights

Irani's career spans over five decades, with significant achievements in the oil and chemical industries. He is best known for his tenure as Chairman and CEO of Occidental Petroleum, where he served for over 20 years.

Ray Irani: Companies

Irani has held leadership positions in several prominent companies, including Occidental Petroleum, Monsanto Company, Shamrock Corporation, and Olin Corporation.

Ray Irani: Major Achievements

Under Irani's leadership, Occidental Petroleum experienced significant growth and profitability. He is credited with transforming the company from a struggling chemicals division into a major player in the oil industry.

Ray Irani: Awards & Achievements

Irani has received numerous awards and recognitions for his contributions to the business world. These include the Ellis Island Medal of Honor and the Horatio Alger Award.

Ray Irani: Personal Life & Legacy

Irani is known for his philanthropic efforts and has made significant contributions to various educational and cultural institutions. He is also an avid art collector and has a passion for classical music.

Ray Irani: Trivia

Irani holds a Bachelor of Science degree in chemistry from the American University of Beirut and a PhD in physical chemistry from the University of Southern California.

Wealth History

Timeline

January 13, 1935

Ray R. Irani was born in Lebanon, of Palestinian origin.

1953

Received a Bachelor of Science degree in chemistry from the American University of Beirut.

1953

Moved to Los Angeles and began graduate studies in physical chemistry at the University of Southern California.

1957

Earned a PhD in physical chemistry from the University of Southern California.

1957-1967

Worked as a researcher for Monsanto Company.

1967

Joined Shamrock Corporation.

1983

Brought to Occidental Petroleum to help the struggling chemicals division.

1984

Promoted to President of Occidental Petroleum, replacing a series of presidents fired by Armand Hammer.

1984-1990

Served as COO of Occidental Petroleum.

1990

Succeeded Armand Hammer as Chairman and CEO of Occidental Petroleum.

2001-2005

Total compensation between 2001 and 2005 was $127,447,000.

2006

Earned $460 million due to rising oil prices.

2008

Awarded options worth $392 million.

2009

Total compensation for 2009 totaled $31.4 million.

2011

Retired as CEO of Occidental Petroleum on May 10, due to objections from major institutional investors.

2013

Removed from the board of directors of Occidental Petroleum on May 3.

Ray Irani : FAQs

What is Ray Irani's net worth?

As of 2015, Ray Irani's net worth was $1.00 billion.

What are Ray Irani's main sources of wealth?

Ray Irani's main source of income comes from Oil.

In which industry does Ray Irani primarily operate?

Ray Irani is primarily involved in the Energy industry.

What is Ray Irani educational background?

Ray Irani holds a Doctorate from the University of Southern California.

How old is Ray Irani?

Ray Irani is 91 years old.

How many children does Ray Irani have?

Ray Irani has 3 children.

Who is Ray R. Irani and what is his background?

Ray R. Irani was born on January 13, 1935, in Lebanon, of Palestinian origin. He received his Bachelor of Science in chemistry from the American University of Beirut in 1953, moved to Los Angeles to pursue graduate studies, and earned a PhD from the University of Southern California in 1957. Irani's professional journey included roles at Monsanto Company and Olin Corporation before joining Occidental Petroleum, where he served for over 20 years, becoming CEO and Chairman.

What roles did Ray R. Irani hold at Occidental Petroleum, and what was his compensation?

Ray R. Irani worked at Occidental Petroleum for over two decades, holding several key positions including director since 1984, COO from 1984 to 1990, and then Chairman and CEO from 1990 until his retirement in 2011. His compensation peaked in 2006 with earnings of $460 million, largely due to rising oil prices, and his total compensation between 2001 and 2005 amounted to $127,447,000.

What controversies was Ray R. Irani involved in during his career?

During his career, Ray R. Irani was involved in several controversies, including receiving a significant compensation package that was subject to criticism by shareholders. He also put funds into an overseas tax shelter arranged by Deutsche Bank AG, which the IRS later deemed illegal. Besides, Irani was involved in the KB Home backdating scandal, serving on the board and chairing the executive compensation committee during CEO Bruce Karatz's options backdating, leading to his resignation from the board after Karatz's indictment and conviction.

What led to Ray R. Irani's departure from Occidental Petroleum and KB Home?

Ray R. Irani retired as CEO of Occidental Petroleum on May 10, 2011, following objections from major institutional investors, and was removed from the board of directors on May 3, 2013. His departure from KB Home was marked by his resignation from the board of directors in November 2007, following the indictment and conviction of CEO Bruce Karatz for options backdating, during which time Irani chaired the executive compensation committee.