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Ray Irani

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BUSINESS
December 14, 1990 | From Times Staff and Wire Reports
Occidental Petroleum Corp.'s board Thursday reaffirmed its earlier vote to name President Ray R. Irani chairman and chief executive to replace Armand Hammer, who died Monday. The board also voted to name Dale R. Laurance, Irani's longtime lieutenant, to the board seat vacated by Hammer and to promote Laurance to the new post of senior operating officer from executive vice president of operations. Irani, 55, brought Laurance, 45, with him to Occidental in 1983 from Olin Corp.
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BUSINESS
January 1, 2014 | By Shan Li
The final phase of a ban on incandescent light bulbs goes into effect Wednesday, leaving consumers with pricier energy-efficient options that are expected to save people money over time. Beginning Jan. 1, the production of 40- and 60-watt incandescent light bulbs is banned as part of efficiency standards signed into law by President George W. Bush in 2007.  PHOTOS: Best and worst countries in which to grow old The government phased out 75- and 100-watt incandescent bulb over the last few years.
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BUSINESS
September 1, 2010 | By Ronald D. White
Amid an investor backlash against his high pay, Occidental Petroleum Chief Executive Ray Irani will announce next month at a board meeting that he is leaving that post, according to an investor and a company source who did not want to be named. The sources said that Irani, 75, would name a date in 2011 for his departure as chief executive, but would remain on the board. The pressure on Irani has been coming from large institutional investors who have been complaining for months about his compensation, which swelled by 39% last year to $34.4 million — far exceeding that of the heads of other large oil companies.
BUSINESS
December 23, 2013 | By Shan Li
Ray Irani, once the highest paid executive in the oil industry, is getting a $14-million lump sum as part of a $26-million settlement after being ousted as chairman of Occidental Petroleum Corp. Irani, who joined the Los Angeles oil company in 1983 and was pushed out as chairman in May, also will continue receiving lifetime security and financial planning services estimated at as much as $1.3 million a year, Occidental said Monday in a securities regulatory filing. The 78-year-old former executive has been paid an average of $90 million a year in total compensation since 2002, according to data compiled by The Los Angeles Times.
BUSINESS
January 1, 2014 | By Shan Li
The final phase of a ban on incandescent light bulbs goes into effect Wednesday, leaving consumers with pricier energy-efficient options that are expected to save people money over time. Beginning Jan. 1, the production of 40- and 60-watt incandescent light bulbs is banned as part of efficiency standards signed into law by President George W. Bush in 2007.  PHOTOS: Best and worst countries in which to grow old The government phased out 75- and 100-watt incandescent bulb over the last few years.
BUSINESS
November 3, 2007 | From Times Staff and Wire Reports
After 15 years as a KB Home director, Ray Irani resigned from the Los Angeles builder's board. No reason was given. Irani, 72, chairman and chief executive of Occidental Petroleum Corp., had been reelected to KB's board five months ago. He was head of its compensation committee, which signed off on rich stock option grants for former CEO Bruce Karatz.
BUSINESS
February 28, 2009 | Times Wire Reports
Last year's oil price run-up made it a good time to be an oil company chief executive with a fistful of stock options, and Ray Irani of Occidental Petroleum Corp. made the most of it, cashing in $184.4 million worth. Filings show the largest sales took place April 28 at $87.15 a share. At the time, oil prices were on their way to a July peak and Occidental's shares were headed toward a May 20 closing-price high for the year of $97.85. Irani's options exercise dwarfed his pay of $30.4 million last year as calculated by the Associated Press.
BUSINESS
October 18, 2013 | By Shan Li
Oil giant Occidental Petroleum Corp. said Friday it plans to sell off its minority stake in the Middle East and North Africa region along with other assets in an effort to boost shareholder value. The Los Angeles company, which is one of the largest oil producers in the country, said those decisions come as part of a push to streamline operations and improve profitability. “Our goal is to become a somewhat smaller company with more manageable exposure to political risk,” Stephen I. Chazen, Occidental's chief executive, said in a statement.
BUSINESS
October 29, 2013 | By Shan Li
Occidental Petroleum, one of the largest crude oil producers in the country, said third quarter earnings jumped more than 14% as domestic oil production increased and gas prices rose. The earnings report comes nearly two weeks after the Los Angeles company announced restructuring plans that include selling off its stake in the Middle East and North Africa region. The company reported a profit of $1.58 billion, or $1.96 a share, in the three months ended Sept. 30. That was compared to $1.38 billion, or $1.69 a share, from the same quarter a year earlier.
BUSINESS
December 23, 2013 | By Shan Li
Occidental Petroleum Corp. will pay $14 million to its former chairman Ray Irani as part of a severance agreement, ending a year of turmoil and drama at the oil giant. Irani was ousted by shareholders from Occidental's board in a dramatic annual meeting in May following a months-long boardroom spat over control of the Westwood company. Many analysts saw Irani as the driving force behind efforts to replace the company's current chief executive, Steve Chazen. The move angered some investors who accused Irani, who has been with the company since 1983, of making a power play and angling for the CEO position himself.
BUSINESS
December 23, 2013 | By Shan Li
Occidental Petroleum Corp. will pay $14 million to its former chairman Ray Irani as part of a severance agreement, ending a year of turmoil and drama at the oil giant. Irani was ousted by shareholders from Occidental's board in a dramatic annual meeting in May following a months-long boardroom spat over control of the Westwood company. Many analysts saw Irani as the driving force behind efforts to replace the company's current chief executive, Steve Chazen. The move angered some investors who accused Irani, who has been with the company since 1983, of making a power play and angling for the CEO position himself.
BUSINESS
October 29, 2013 | By Shan Li
Occidental Petroleum, one of the largest crude oil producers in the country, said third quarter earnings jumped more than 14% as domestic oil production increased and gas prices rose. The earnings report comes nearly two weeks after the Los Angeles company announced restructuring plans that include selling off its stake in the Middle East and North Africa region. The company reported a profit of $1.58 billion, or $1.96 a share, in the three months ended Sept. 30. That was compared to $1.38 billion, or $1.69 a share, from the same quarter a year earlier.
BUSINESS
October 18, 2013 | By Shan Li
Oil giant Occidental Petroleum Corp. said Friday it plans to sell off its minority stake in the Middle East and North Africa region along with other assets in an effort to boost shareholder value. The Los Angeles company, which is one of the largest oil producers in the country, said those decisions come as part of a push to streamline operations and improve profitability. “Our goal is to become a somewhat smaller company with more manageable exposure to political risk,” Stephen I. Chazen, Occidental's chief executive, said in a statement.
BUSINESS
May 4, 2013 | By Shan Li and Ronald D. White, Los Angeles Times
Occidental Petroleum shareholders ousted Chairman and former Chief Executive Ray Irani in a dramatic annual meeting that signaled the end of an era for the storied oil and gas producer. It concluded a nearly three-decade run as a director of the Los Angeles company for the 78-year-old Irani. He first took the reins as CEO in 1990 from oil industry legend Armand Hammer. Back then, Occidental was considered something of a joke in the industry, with far-flung holdings in such odd areas as film production and horse and cattle breeding.
BUSINESS
April 9, 2013 | By Ronald D. White, Los Angeles Times
For several days, Occidental Petroleum Corp. has been roiled by speculation that its CEO search was really a power play by Executive Chairman Ray Irani to push out his onetime protege, Chief Executive Stephen Chazen. On Monday the Westwood company's board of directors took the unusual step of saying there is "no fight at the top" of the oil and gas producer, but made clear that the two men who have run Occidental for the last decade were on their way out in one way or another. The board's statement, billed as unanimous, went on to say that the 78-year-old Irani played no role in the February decision by independent directors to identify a successor for Chazen, 66. Chazen acknowledged Monday that he didn't ask to leave Occidental but said, "I respect the board's decision to seek a new generation of leadership.
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