Advertisement
YOU ARE HERE: LAT HomeCollectionsRay R Irani
IN THE NEWS

Ray R Irani

FEATURED ARTICLES
BUSINESS
April 30, 1992 | From Times Staff and Wire Reports
Oxy Will Look for More Assets to Trim, More Oil and Gas: Describing its recent extensive restructuring as only "one set of goals," Ray R. Irani, Occidental Petroleum Corp. chairman and chief executive, told shareholders that management will continue to look for under-performing and marginal assets to shed, as well as ways to cut back on operating costs, including personnel. The focus will continue, Irani said, on natural gas transmission, chemicals and oil and gas exploration.
ARTICLES BY DATE
BUSINESS
March 21, 2012 | By Nancy Rivera Brooks, Los Angeles Times
Occidental Petroleum Corp. reaped a bigger profit in 2011 — and the energy company reduced its new chief executive's compensation. Stephen I. Chazen, who took over the chief executive job in May from Ray R. Irani, received a compensation package worth $31.7 million last year, compared with $38.1 million in 2010 when he was president, the Westwood energy company said in a Securities and Exchange Commission filing Tuesday. After years of shareholder criticism about how much Occidental paid its top officers, the fourth-largest U.S. oil company decided in 2010 to change how it determined executives' payout to make it more difficult to receive maximum compensation.
Advertisement
BUSINESS
April 16, 1986 | DONALD WOUTAT
Zoltan Merszei, one of several executives once thought to be the successor to Occidental Petroleum Chairman Armand Hammer, 87, resigned as vice chairman to "pursue private interests," the company said Tuesday. Merszei, 62, one-time chairman and chief executive of Dow Chemical, was named president and vice chairman of the Los Angeles-based oil company in 1979 but was removed from the presidency in 1980. The current president, Ray R. Irani, 51, is the fourth since 1979.
BUSINESS
October 15, 2010 | By Ronald D. White, Los Angeles Times
After years of shareholder complaints about executives' compensation, Occidental Petroleum Corp. said Thursday that it would significantly reduce how much it pays top officers and confirmed that Chief Executive Ray R. Irani would relinquish that job next year. President Stephen I. Chazen will succeed Irani as CEO; Irani will stay as chairman but won't be involved in most daily operations of the nation's fourth-largest oil company. Both changes grew out of shareholder concerns.
BUSINESS
June 17, 2007
Regarding "Out of Balance?" in The Times' California Executive Pay Report, June 10: The article failed to look at what a firm's stock price would be if there was a different chief executive leading the company. Ray R. Irani, Larry Ellison and Angelo Mozilo are proven winners in the eyes of the investment community. They continue to lead profitable and successful companies. I think we should keep in mind that investor confidence would be quite different if an unknown or unproven leader was at the helm of these same companies.
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.
BUSINESS
March 21, 2012 | By Nancy Rivera Brooks, Los Angeles Times
Occidental Petroleum Corp. reaped a bigger profit in 2011 — and the energy company reduced its new chief executive's compensation. Stephen I. Chazen, who took over the chief executive job in May from Ray R. Irani, received a compensation package worth $31.7 million last year, compared with $38.1 million in 2010 when he was president, the Westwood energy company said in a Securities and Exchange Commission filing Tuesday. After years of shareholder criticism about how much Occidental paid its top officers, the fourth-largest U.S. oil company decided in 2010 to change how it determined executives' payout to make it more difficult to receive maximum compensation.
BUSINESS
March 28, 1991 | PATRICK LEE, TIMES STAFF WRITER
At Occidental Petroleum Corp., company patriarch Armand Hammer is rapidly becoming the man who wasn't there. The latest sign of that is the just-released 1990 annual report for Occidental, the company that Hammer ran for more than 30 years before his death at age 92 last December.
BUSINESS
February 16, 1990 | PATRICK LEE, TIMES STAFF WRITER
Occidental Petroleum Corp.'s board on Thursday unanimously approved the choice of President Ray R. Irani to succeed 91-year-old Chairman and Chief Executive Armand Hammer, believed to be the first time the board has placed its imprimatur on a Hammer successor. But the vote of confidence in Irani, 55, doesn't signal Hammer's intentions to step down soon.
BUSINESS
June 11, 1991 | From Associated Press
China has agreed to buy Occidental Petroleum Corp.'s 25% stake in the An Tai Bao coal mine and pay off the mine's large foreign debt, a source close to the deal said Monday. The $750-million mine, the largest joint venture between China and a foreign company, was a pet project of the late Occidental Chairman Armand Hammer. Since his death last year at 92, the energy, chemicals and meatpacking concern has been getting out of many undertakings in which Hammer had a special interest.
BUSINESS
June 17, 2007
Regarding "Out of Balance?" in The Times' California Executive Pay Report, June 10: The article failed to look at what a firm's stock price would be if there was a different chief executive leading the company. Ray R. Irani, Larry Ellison and Angelo Mozilo are proven winners in the eyes of the investment community. They continue to lead profitable and successful companies. I think we should keep in mind that investor confidence would be quite different if an unknown or unproven leader was at the helm of these same companies.
BUSINESS
April 7, 2007 | Elizabeth Douglass, Times Staff Writer
Last year, oil prices soared to new heights. And so did the payout for Occidental Petroleum Corp. Chief Executive Ray R. Irani, who took home more than $460 million in compensation in 2006. Oil and natural gas producer Occidental, based in Westwood, often has been criticized over the years for the generous pay it doled out to Irani and other top officers.
BUSINESS
October 7, 1997 | CHRIS KRAUL, TIMES STAFF WRITER
Occidental Petroleum Corp. disclosed Monday that it made a one-time payment of $95 million to Chairman and Chief Executive Ray R. Irani when it rewrote his contract, a move that has drawn sharp criticism from employment experts and oil analysts, especially in light of the company's lackluster performance. But Oxy portrayed the deal as representing a sacrifice by Irani and thanked him and President Dale Laurance--who received a lump-sum payment of $17 million--for agreeing to stay on the job.
BUSINESS
January 23, 1997 | From Bloomberg News
Occidental Petroleum Corp. director John Kluge, the billionaire who heads up the telecommunications and entertainment company Metromedia International Group Inc., bought $24 million in Occidental stock in early December just as the shares approached an 11-month low. Kluge's purchases, for a million shares at about $24 each, give him 0.31%, or 1.02 million shares, of the oil company's stock. Ahead of him is Chairman Ray Irani, who has about 1.6 million shares. It's a big gamble for Kluge.
BUSINESS
November 20, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
The doctor would not be pleased. Occidental Petroleum Corp. Chairman Ray R. Irani, who succeeded the legendary Dr. Armand Hammer two years ago, announced plans Thursday to cut costs by $300 million in 1993 by job cuts, a freeze on hiring and salaries, and slashes in capital spending.
BUSINESS
September 22, 1992 | LINDA GRANT, TIMES STAFF WRITER
Under pressure from shareholder activists, the board of Occidental Petroleum Corp. has prohibited future "golden parachutes" and accepted the resignation of company Chairman Ray Irani from its executive compensation committee. The actions were announced Monday by the United Shareholders Assn., a 65,000-member group based in Washington that lobbies for a greater stockholder voice in corporate affairs.
BUSINESS
January 11, 1991 | GEORGE WHITE, TIMES STAFF WRITER
Occidental Petroleum Corp. stock fell to a 52-week low Thursday in volume-leading activity on the New York Stock Exchange. Analysts attributed the heavy trading to expectations that the Los Angeles-based oil firm would soon announce plans to cut its dividend and sell some assets. In the wake of the Dec. 10 death of longtime Occidental Chairman Armand Hammer, industry observers have expected the oil firm to restructure, with the aim of reducing its massive $8 billion in long-term debt.
BUSINESS
May 18, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Occidental Petroleum Corp. and Unocal Corp. are similar in many ways. They're both Los Angeles-based oil companies boasting more than $10 billion in sales. And they've both announced major restructuring plans that caused them to jettison thousands of workers. But when it comes to executive compensation, the two firms seem polar opposites. On one side, there's Richard Stegemeier, who started his career at Unocal and slowly worked his way up the ranks before being named chief executive in 1988.
Los Angeles Times Articles
|