Broad’s Foundation office is located in Century City.
Philanthropist Eli Broad, whose contributions to Los Angeles arts, culture and overall development have left an indelible impression on the city, announced his retirement on Oct 12.
In an exclusive interview with the New York Times at the Broad Foundation office in Century City, the 84-year-old Broad said he is retiring “now, right now. I am just tired,” he said. “I want to spend more time with my family. Catch up on my reading.”
Broad told the paper he made the decision in consultation with his wife, Edythe, who has long urged him to retire.He said health was not a factor in his decision, although he was diagnosed with prostate cancer a decade ago, and it’s in remission.
“We have been thinking about this for a long time,” he said. “The time has come.”
The paper noted that Broad has lived in Los Angeles for 52 years, and he has given away about $4 billion of the $7.3 billion fortune he built in insurance and construction. The Broad Foundation endowment is $2.5 billion.
Broad has given extensively to political movements, politicians, medical research, education initiatives and other causes, and also funded a $140 million art museum called The Broad in downtown Los Angeles, which opened in 2015.
Eli and Edythe established the stem cell research center at USC in February 2006 with a $30 million gift to the Keck School of Medicine.
Broad has also financially supported a number of projects along the Grand Avenue area in downtown Los Angeles where The Broad is located, including the Museum of Contemporary Art, the Walt Disney Concert Hall and the Los Angeles Opera. Broad has also been a top supporter of charter schools, which are publicly financed but privately operated schools. Broad is also a longtime supporter of Bill and Hillary Clinton, and Bill Clinton was at the second opening night of the Broad Museum in downtown Los Angeles in 2015.
