L.A. civic leader and philanthropist Eli Broad announced Friday that he is retiring from the Eli and Edythe Broad Foundation, which is located in Century City. The Broad Foundations, which include the Eli and Edythe Broad Foundation and the Broad Art Foundation, were established to advance entrepreneurship in education, science and the arts.
"[Broad] has worked very long days for his entire six-decade career, whether in business or in philanthropy, and I think he's decided it's finally time to step back, spend more time with his family", foundation spokeswoman Swati Panday said. They've pledged to give away 75 percent of their wealth.
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". The Broad Foundation has also supported The 74.
Broad has also been a top supporter of charter schools, which are publicly financed but privately operated schools.
"The problem [of failing American public schools] is vast".
In 2012, he wrote a memoir called "The Art of Being Unreasonable".
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Steve Barr, founder of Green Dot Public Schools (a Broad grantee) Tweeted on Thursday night that Broad is a "hero" and thanked him for "bringing hope, love, and results" "on behalf of thousands of scholars" from Los Angeles. This year's victor was Success Academy in NY.
His $140 million museum opened in September 2015, continuing a Broad-led transformation of a once-rundown area of downtown.
The foundation has also supported training urban school superintendents through the Broad Academy, a two-year leadership development program. UTLA is the teachers union for the Los Angeles Unified School District.
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.
This year, Broad has not shied away from criticizing the Trump administration.
This story has been corrected to reflect Riley's title at the Broad Foundation and the length of time the charter school prize has been awarded.