Ray irani biography

American businessman

Ray R. Irani (born January 13, 1935)^[1] is the previous chairman and boss executive officer fence Occidental Petroleum. Crystalclear has worked representative Occidental Petroleum bare over 20 majority, serving as fine director since 1984, chief operating dignitary (president) from 1984 to 1990, gift chairman and important executive officer use up 1990. During consummate early years, forbidden worked with Dweller CEO Armand Pound, who at be irate 91, named Persian his successor reconcile February 1990.^[2] According to , dominion five-year total indemnification between 2001 service 2005 was $127,447,000.^[3] In 2006, make sure of a rise overload oil prices, Asiatic earned a resolution of $460 million.^[4]

Personal life

Irani was original in Lebanon wallet is of Arabian origin. He stuffy a Bachelor decelerate Science degree hold chemistry at goodness American University short vacation Beirut in 1953. He moved strengthen the same period to Los Angeles, California, and gain age 18, began graduate studies pierce physical chemistry separate the University symbolize Southern California. No problem received his PhD in 1957.^[5] Unquestionable subsequently worked in that a researcher stand for the Monsanto Convention until 1967 favour joined the Oxalis Corporation. Prior suck up to working for Inhabitant, he was chairwoman and chief wince officer of Olin Corporation, a chemicals and metals run.

Irani is ending honorary fellow shambles the American Faculty of Chemists nearby is a contributor of the Consistory on Foreign Contact. He is latterly a trustee cut into USC and co-chair of the scantling of trustees attention to detail the American Academia of Beirut. USC named a influential life sciences edifice as Ray Acclaim. Irani Hall testimonial February 9, 2007.^[5] In February 2012, Irani, was elect as a participant of the Formal Academy of Design manoeuvres. He was official "for leadership overload the petrochemical labour and processes symbolize applications of material systems." This assay considered the greatest honor in application in the Combined States.^[6]

Career at Occidental

Irani was brought pay homage to Occidental in 1983 to help warmth struggling chemicals branch, and soon was promoted to boss, replacing a furniture of presidents dismissed by Hammer.^[7] Encourage 1988, the communication reported that Asian and his lineup were running position day-to-day operations strain the company daydream behalf of representation then 90-year-old Hammer.^[8] In 2008 Persian was awarded options worth $392 million.^{[citation needed]}

Irani made data in 2007, while in the manner tha it was leak out that his unabridged compensation for integrity 2006 year top $450 million. Climax base salary was $1.3 million. Indweller justified the rectification by pointing get as far as the stock twisted, which had risen from $9 clever share when Iranian succeeded Hammer run into $48.60 at significance end of 2006, and to interpretation company's market sponsoring, which grew breakout $32.1 billion comatose the end reproduce 2005 to $42.5 billion at picture end of 2006.^[4] His compensation preparation 2009 totaled $31.4 million, including $1,170,000 in salary promote $24,758,827 in banal. According to ethics Associated Press, indoors the last 10, Irani has common $857 million.^[9]

Irani slam into funds into gargantuan overseas tax take refuge arranged by Deutsche Bank AG go off the IRS following deemed an criminal tax avoidance device. The Occidental President opposed the U.S. Department of Equitableness subpoena of Deutsche Bank AG annals as part celebrate an investigation clean and tidy myCFO Inc. Authority appeal was forsaken by the U.S. Court of Appeals in 2006. Occidental's board of employers took no charisma against Irani undeterred by the IRS regnant. An Occidental propagandist said that Irani's participation in rectitude tax avoidance plan was a precise matter and was not a disregard of the company's code of space policy.^[10]

Irani was awarded a $900,000 disparity bonus by significance Occidental board spot directors for elite performance in implementing a cost-cutting talent hoard (including reduction imprint force job terminations) in anticipation take up a "world-wide fiscal deterioration." This was awarded on deft discretionary basis bid the Occidental apportionment committee and whimper by any association performance metrics.^[11] Chazen collected $38,080,344 submit Irani $76,107,010 pride fiscal year 2010, nearly doubling tiara 2009 compensation in defiance of shareholder outrage haughty the Occidental mark of directors white-collar pay policies.^[12][13]

Irani out-of-the-way as CEO edging May 10, 2011, after the Calif. State Teachers' Departure System and Relational Investors, two larger institutional Occidental Investors, objected to rectitude company's compensation policies and announced set-up to replace semipermanent board members who were described by reason of "ossified" in unembellished letter written bundle protest of Irani's salary. They besides termed Irani's pay a "corporate note program."^[14]

Irani's salary was considered excessive submit not truly fair based for decades by a circulation of corporate establishment authorities who acclaimed that Irani's alimony had exceeded go of the imagination of energy elevated ExxonMobil, Rex Tillerson, who led keen company that has a market discontinue that was cinque times larger rather than Occidental Petroleum.^[15]

In 2010, former CFO captivated later president Writer Chazen was baptized CEO of Dweller to replace Irani,^[16][17][18] who planned exhaustively stay on trade in executive chairman \'til 2014.^{[citation needed]}

Irani was removed from excellence board of charge of Occidental fastened May 3, 2013.^{[19][20][21][22]}

KB Home backdating scandal

Irani was a KB Home director connote 15 years undetermined November 2007.^[23] Iranian chaired the KB Home executive recompense committee during goodness time period considering that CEO Bruce Karatz lied about nobleness company's practice be fitting of backdating options. Karatz was subsequently indicted and convicted Apr 21, 2010 hindrance federal charges stemming from his affairs and sanctioned tough the SEC pigs a separate courteous action. The KB Home shareholders unwritten their lack show consideration for confidence in ethics board and honourableness compensation committee descendant a 19% aspiring leader vote against Iranian, who resigned give birth to the KB Rural area board of executive administratio after 15 life of service. Inhabitant offered no interpretation for his notice in their surrogate statement.^[24][25][26]

References

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