Death; Arthur Irving Canadian billionaire, Has Passed Away At 93: One of the richest people in Canada is Arthur L. Irving, the son of business magnate K.C. Irving. At ninety-three, he passed away after dedicating his life to growing the oil corporation his father had founded. His wife Sandra and daughter Sarah were by his side when he passed away on Monday, according to an Irving Oil statement. Forbes Magazine ranked Arthur Irving among the top 10 wealthiest Canadians of 2023.
At the time of his death, his estimated net worth was US$6.4 billion, which comprised the largest refinery in Canada, located in New Brunswick, and the Whitegate refinery in Ireland.Born in 1930, Irving attended Acadia University in Nova Scotia before starting work at Irving Oil in 1951 alongside his father and two brothers. In his book about Irving Oil published in 2020, author Donald Savoie quotes him as saying, “I had the choice to go on at Acadia or learn about business from the best teacher available anywhere—my father.” “I chose the top instructor.”
He served as the company’s president and chairman emeritus when he passed away in 1972. His demise comes at a time when the company’s refinery in Saint John is undergoing a “strategic review” to determine the best course of action, given that some nations are shifting away from fossil fuels in response to climate change. Although biographers have acknowledged Irving’s achievement in expanding the company, his life was marked by personal challenges as well.
Among these were his turbulent 1980 divorce from his first wife and, more recently, a falling out with his oldest son.Journalist Jacques Poitras’s book “Irving vs. Irving,” released in 2014, contains a poignant description of a scenario from August 2013. Announcing that his firm was formally starting a proposal to develop a pipeline to transport crude oil from Alberta to the family’s refinery, Irving was at a news conference in Saint John. Still, the bid was eventually unsuccessful.
According to Poitras, Kenneth, “his son and heir,” had left the company in 2010 due to a falling out, and was noticeably absent. “A man in his nineties, Arthur was both alone and surrounded by admirers. Poitras states that despite his refinery being in the background, “his family was torn asunder.” In the 1980s and 1990s, Arthur Irving’s personal and professional lives grew increasingly intertwined as J.K. and Jack took on leadership positions in different sectors of the business empire their father had established.
The trucking companies used their refined gasoline, the forestry and shipping corporations used the building subsidiaries of the Irvings, and a chain of newspapers purchased newsprint from a nearby plant. At the end of 2009, the three Irving brothers split up their companies, with Arthur taking over as chairman of the energy section. The company described Irving as “one of a kind” and “a steadfast champion of Atlantic Canada and its people” in its statement. It said, “We know there will never be another like him in this immense loss.”