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Eli Broad Announces Retirement After Six-Decade Career in Business and Philanthropy
Gerun Riley to Oversee the Philanthropic Work of The Eli and Edythe Broad Foundation
LOS ANGELES, Oct. 12, 2017—Eli Broad announced today that he is retiring from The Eli and Edythe Broad Foundation and passing responsibility for the foundation’s philanthropy to its president, Gerun Riley.
Broad, who co-founded the foundation with his wife Edythe, will remain a trustee of the foundation. He will also continue to serve on the board of directors of The Broad museum in downtown Los Angeles.
“At age 84, I have decided the time has come for me to step back,” Broad said. “Though I’m in great health, I am eager to spend more time with my family.”
Broad appointed Riley, formerly the foundation’s senior vice president and a 14-year member of its team, as his successor last year. The foundation has a $2.5 billion endowment.
“Edye and I have the utmost confidence in Gerun’s vision, leadership and ability to carry the foundation’s work forward,” Broad said.
In 1999, after merging SunAmerica with AIG, the Broads dedicated themselves fulltime to philanthropy. Over the course of their lifetimes, they have given more than $4 billion to support K-12 public schools, advance scientific and medical research and bring contemporary art to as wide an audience as possible.
The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, were established to advance entrepreneurship for the public good in education, science and the arts. For more information, visit www.broadfoundation.org.
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