Home

Ira Rennert Profile



World Billionaire Ira Rennert Profile

Ira Rennert
Ira Rennert
  Name : Ira Rennert
2014 Rank : 234      2013 Rank : 182      2012 Rank : 189      2011 Rank : 196

Net Worth: US $6 B (2014)

Fortune : Self Made

Source : Investments

Country Of Citizenship : United States

Residence : New York‚ United States

Education : Brooklyn C‚ Bachelor of Arts / Science; New York U‚ Master of Business Administration

Date of Birth : 1934

Profession : Businessman

Family : Spouse(s)‚ Children:3



More About Ira Rennert

Introduction

In the Forbes List of World Top Billionaires 2010‚ Ira Rennert holds the 144th position with $5.3 billion. The main strategy of this American investor and businessman has been using junk bonds to fund the other metal company acquisitions of his company. This was the principle on which his Renco is built. Since 1995‚ the subsidiaries of Renco have borrowed an estimated $1.1 billion and transferred $322 million (29 percent) to Renco Group.

The AM General has been bought by him in 1992 for $133 million which is one major source of his revenues. He is also the maker of military Humvees and SUV Hummers. Among some of his ventures which did not seem to go very well was the Madoff Ponzi scheme‚ which did cost him a loss of $100 million. The business magnate is however facing a bit problem with his Renco Group’s Peruvian smelter for the low metals prices that have made it to sit idle with the emissions cleanup on hold. Rennert has significant holdings in basic‚ cyclical industries‚ such as mining and metals‚ including lead smelters‚ coal mines‚ magnesium producers and vehicle assembly lines.

Early career of Ira Rennert

As a young man‚ Ira Rennert began as a credit analyst on Wall Street in 1956. He was also a salesman for a typewriting company and a stock brokerage for quite some time before he launched his own business. The first company that he came up with is I.L.Rennert & Co. in 1962. That was situated in Lower Manhattan. During this time‚ he was also censured by the NASD once because of operating without enough capital. Again‚ in 1964‚ his license was banned. After shutting down his firm voluntarily‚ the license was revoked again.

Renco took over a Warren (Ohio) steel company from its bankrupt parent‚ LTV Steel Co. in 1988 and that was one of Rennert’s biggest deals. He bought it for $140 million (half of it was paid for the debts associated with it). This is the company that later became WCI Steel Inc. the following year‚ Renco bought the largest magnesium producer in Utah. In 1993‚ it acquired the AM General as described above.

Philanthropist Activities of Ira Rennert

 

  • Donated $5 million to establish the Wiesel Center at Boston University and $250‚000 to the Lincoln Center.
  • Donated over $1 million to the World Trade Center Memorial
  • Established the Rennert Entrepreneurial Institute of Syms School of Business at Yeshiva University.
  • Established the Ira Leon Rennert Professor of Entrepreneurial Finance at New York University
  • Founded the Ingeborg Rennert Center for Jerusalem Studies at Bar Ilan University
  • Helped to fund the restoration of the Western Heritage Wall in Jerusalem
  • Donated towards Rav Aharon Bina’s new yeshiva in Israel‚ Yeshivat Netiv Aryeh‚  
  • Also donated about 160 Torah scrolls to communities in Israel.
Funded construction for a new mikvah at the Fifth Avenue Synagogue.
more



List of World Top Billionaires

Carlos Slim Helu Profile William Gates III Profile Warren Buffett Profile
Mukesh Ambani Profile Lakshmi Mittal Profile Lawrence Ellison Profile
Bernard Arnault Profile Eike Batista Profile Amancio Ortega Profile
Karl Albrecht Profile Ingvar Kamprad Profile Christy Walton Profile
Stefan Persson Profile Li Ka-shing Profile Jim Walton Profile
Alice Walton Profile Liliane Bettencourt Profile S. Robson Walton Profile
Prince Alwaleed Bin Talal Alsaud Profile David Thomson Profile Michael Otto Profile
Lee Shau Kee Profile Michael Bloomberg Profile Sergey Brin Profile
Charles Koch Profile David Koch Profile Larry Page Profile
Michele Ferrero Profile Azim Premji Profile Kwok family Profile
Theo Albrecht Profile Vladimir Lisin Profile Steven Ballmer Profile
Robert Kuok Profile George Soros Profile Anil Ambani Profile
Paul Allen Profile Michael Dell Profile Mikhail Prokhorov Profile
Birgit Rausing Profile Shashi & Ravi Ruia Profile Mikhail Fridman Profile
Jeffrey Bezos Profile Savitri Jindal Profile Donald Bren Profile