Armand Hammer directed Occidental Petroleum for thirty-three years, transforming the failing enterprise into a significant American corporation. Born in New York City in 1898 to Russian-born parents, he bridged global commerce between the United States and the Soviet Union throughout the twentieth century, establishing a reputation as a businessperson, entrepreneur, and prominent art collector.
Early Business Ventures
Before completing his medical education at Columbia University, Hammer managed Allied Drug and Chemical. Following the Russian Revolution, he expanded the family firm by acquiring surplus equipment at reduced prices. During the Prohibition era, his manufacturing of a ginger extract containing high alcohol levels generated significant revenue. Following the imprisonment of his father, Julius, in 1920, Hammer traveled to the Soviet Union to manage business concessions and trade interests on behalf of his family.
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After establishing his initial career in pharmaceuticals and trade, Hammer moved toward the oil industry. In 1956, he acquired control of Occidental Petroleum, an enterprise then nearing failure. Over the subsequent three decades, he acted as chief executive officer and chairman, steering the company to become a major entity within the United States market. His international business operations earned him the media label of 'Lenin's chosen capitalist'.
Civic Recognition and Death
Hammer maintained a career characterized by his dual role as an industrialist and a supporter of cultural initiatives. He served as a trustee beginning in 1968 and received numerous distinctions, including the National Medal of Arts in 1987 and the Four Freedoms Award in 1988. His international honors included the Royal Order of the Polar Star and the Great Silver Medal of Honour for Services to the Republic of Austria. He died in Los Angeles in 1990 and was buried at Westwood Village Memorial Park Cemetery.
Fast facts
- Born: 1898, New York City
- Died: 1990, Los Angeles
- Education: Columbia College, Columbia University Vagelos College of Physicians and Surgeons
- Primary Role: CEO and Chairman, Occidental Petroleum
- Notable Recognition: National Medal of Arts, 1987
- Burial Site: Westwood Village Memorial Park Cemetery
Questions readers ask
What was the true origin of Hammer's name?
Although Hammer initially attributed his name to a character in a novel by Alexandre Dumas, he later confirmed it derived from the 'arm and hammer' graphic symbol associated with the Socialist Labor Party.
Did Hammer pursue a career as a physician?
He earned a medical degree from the Columbia College of Physicians and Surgeons in 1921 but did not practice long, opting instead for a career in international business.
Achievements
- National Medal of Arts — 1987
- Royal Order of the Polar Star
- Great Silver Medal of Honour for Services to the Republic of Austria
- Order of Friendship of Peoples
- Knight of the Legion of Honour
- Holdings: M. Knoedler & Co. and Hammer Galleries
- Educated at Columbia College and Columbia University Vagelos College of Physicians and Surgeons
