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Ira Rennert, born in 1934, is an American billionaire businessman and the Chairman and CEO of Renco Group. His wealth source is primarily investments, and his career began on Wall Street. Rennert's business strategy involved acquiring struggling companies, often through junk bond financing, and restructuring them. His net worth is estimated at $3.8 billion as of November 2024. He is known for his controversial business practices and significant philanthropic contributions.
Ira Leon Rennert was born in Brooklyn, New York, in 1934. His parents were immigrants from Poland and Romania. He earned a Bachelor's degree from Brooklyn College in 1954 and a Master of Business Administration from New York University's Stern School of Business in 1956. He later served on the Board of Overseers at NYU Stern.
Rennert began his career as a credit analyst on Wall Street in 1956. He later partnered at Rubin, Rennert & Co. and launched his own business, I.L. Rennert & Co., in 1962. However, his license was revoked in 1964 due to insufficient capital.
In 1975, Rennert founded the Renco Group, a holding company that became the cornerstone of his wealth. His strategy focused on acquiring distressed companies and financing these acquisitions, often through junk bonds. Notable acquisitions include WCI Steel (1988), AM General (1992), and Doe Run Company (1994). Through these acquisitions, Rennert built a significant industrial empire.
Rennert's business practices have drawn considerable controversy. His use of junk bond financing and the subsequent restructurings of acquired companies led to accusations of prioritizing his financial gains. He has also faced environmental lawsuits related to pollution from his companies, including US Magnesium and Doe Run Company.
Despite the controversies, Rennert has made substantial philanthropic contributions. He and his wife have supported various educational institutions, Jewish cultural initiatives, and medical research.
Began career as a credit analyst on Wall Street
Launched his own business
License revoked due to insufficient capital
Founded Renco Group, a holding company
Acquired WCI Steel
Acquired AM General
Acquired Doe Run Company
Donated to establish the Wiesel Center at Boston University
Donated to Lincoln Center
Donated to the World Trade Center Memorial
Established the Rennert Entrepreneurial Institute of Sy Syms School of Business at Yeshiva University
Established at New York University
The US Department of Justice and the EPA filed suit against Magnesium Corp. and Renco for dumping hazardous waste around the Great Salt Lake
Rennert's Doe Run Company was accused of causing lead and other pollution issues in Herculaneum, Missouri and La Oroya, Peru
Rennert paid $118 million to the creditors of Magnesium Corp. of America, following a lawsuit alleging he forced the company into bankruptcy
