Jim Ratcliffe
James Arthur (Jim) Ratcliffe (born 1952 in Manchester) is a chemical engineer turned financier and industrialist. According to the 2010 Sunday Times Rich List, he is one of the richest people in the United Kingdom.[1]
Ratcliffe graduated from the University of Birmingham with a degree in chemical engineering in 1974. His first job was with oil giant Esso, but he decided to broaden his skills into finance by studying management accounting and taking an MBA at London Business School.[2]
Ratcliffe is the chairman and chief executive officer of the Ineos chemicals group, of which he owns two-thirds, and which has been estimated to have a turnover of $44bn. He does not have a high public profile, and has been described by the Sunday Times as "publicity shy".[3][4]
Using high-yield debt to finance his deals, Ratcliffe started buying unwanted operations from groups such as ICI and BP, selecting targets based on their potential to double their earnings over a 5-year period. In 2006 Ineos bought BP's refining and petrochemical arm, which brought the Grangemouth Refinery into Ineos' control.[3][4]
The Telegraph said “Ratcliffe enjoys skiing and sailing”.[5] He is also reported to have completed the 2007 London Marathon.[6]
In May 2009, Ratcliffe was granted an Honorary Fellowship by the Institution of Chemical Engineers citing “his sustained leadership in building the INEOS Group.”[7]
In April 2010, Ratcliffe moved the head office (Ineos AG) to Lausanne, Switzerland to cut the tax bill and save his company £100m a year.[8]
[edit] Notes
- ^ The Sunday Times Rich List 2010: Rising from the rubble, BBC News 25 April 2010
- ^ Liverpool Daily Post (March 2010)
- ^ a b Dominic O’Connell (2007-04-29). "Ratcliffe in richest top 10". London: Times Online. http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article1719202.ece. Retrieved 2008-06-22.
- ^ a b Grainne Gilmore (2008-04-21). "Business big shot: Jim Ratcliffe". London: The Times. http://business.timesonline.co.uk/tol/business/movers_and_shakers/executive_movers/article3785069.ece. Retrieved 2008-06-22.
- ^ Ratcliffe, the alchemist", The Telegraph, 2007-08-11.
- ^ The alchemist" University of Birmingham, Innes Lecture of Chemical Engineering 2007 Nov.
- ^ "Press release: Ion and Ratcliffe awarded Honorary Fellowships". IChemE. 13 May 2009. http://cms.icheme.org/mainwebsite/general-barafc3d75d.aspx?map=aecc70bc252673927bc176496982393a.
- ^ The Sunday Times - Tycoon Jim Ratcliffe flees UK - (April 2010)
[edit] External links
- Business big shot: Jim Ratcliffe, 2008 biography from The Times
- Jim Ratcliffe of Ineos: Uncanny ability to spot undervalued assets, 2006 biography from The Financial Times'(pay-to-view)'
- Ratcliffe awarded IChemE Honorary Fellowship
