A process is described for producing a catalyst composition comprising an iridium component dispersed on a support. In the process, silica- o group to form an organic iridium complex on the support. The treated support is then heated in an oxidizing atmosphere at a temperature of about 325° C. to about 475° C. to partially decompose the organic metal complex on the support. The treated support is then heated in a reducing atmosphere at a temperature of about 350° C. to about 500° C. to convert the partially decomposed organic iridium complex into the desired iridium component.