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Friday, Jun 9, 2023

50 Wealthiest: Ray Irani #46

NET WORTH: $800 million -24%

LAST YEAR: $1.05 billion

AGE: 77


SOURCE OF WEALTH: Stock options, grants

THE MONEY: Despite $50 million compensation package, chairman of Occidental Petroleum saw his net worth decline as company’s falling share price took its toll.

BUZZ: Stepped down in May as Oxy chief executive after near revolt among shareholders over compensation package. Named executive chairman and is expected to hold title through 2014. Received $857 million in total compensation between 2000 and 2009. Got an additional $50 million in options this past year. Retreating to ranks of academia. In March, named to chemistry faculty at USC, where he has donated heavily and is member of the board. In February, also named to National Academy of Engineering. Born in Lebanon, moved to Los Angeles in 1953 and enrolled at USC, where he received doctorate in chemistry. Worked as researcher before entering corporate ranks. Came to Occidental in 1983 and succeeded legendary Armand Hammer as chief executive. Notoriously media shy. Lives in Bel Air with his wife, Ghada; couple has six children.

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