LOS ANGELES (AP) — Eli Broad, the billionaire philanthropist deeply involved in education, science and the arts, has announced his retirement.
Broad said Thursday he was passing on responsibility for The Eli and Edythe Broad Foundation to its president, Gerun Riley. The foundation has a $2.5 billion endowment.
“At age 84, I have decided the time has come for me to step back,” Broad said in a statement. “Though I’m in great health, I am eager to spend more time with my family.”
Broad will remain a trustee of the foundation and continue to serve on the board of directors of The Broad museum in downtown Los Angeles.
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Broad was a founder of homebuilder Kaufman & Broad — now KB Home. In 1971 he acquired the insurance company SunLife, renamed it SunAmerica and sold it to AIG for $18 billion in 1999.
He and his wife have since focused on philanthropy, putting more than $4 billion into K-12 public schools, science and the arts, according to the foundation.
Broad’s other causes include reimagining downtown Los Angeles as a commercial and residential center.
His $140 million museum opened in September 2015, continuing a Broad-led transformation of a once-rundown area of downtown. The area includes the Frank Gehry-designed Disney Hall, which Broad also helped get built.
Riley, who has been on the foundation team for 14 years, was appointed as Broad’s successor last year.
“Edye and I have the utmost confidence in Gerun’s vision, leadership and ability to carry the foundation’s work forward,” Broad said.