Billionaire LA philanthropist Eli Broad retires from foundation

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Eli Broad, the Los Angeles billionaire philanthropist whose vast wealth stems from the construction and insurance industries, announced Thursday that he's retiring from his public works.

That means the 84-year-old will step back from the Eli and Edythe Broad Foundation, a major philanthropic contributor and influencer in L.A.

"[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 Pandey said.

Billions of dollars will continue to flow to Broad's interests, Pandey said. That includes support for stem cell research at California universities and support for his Education Foundation, which has been focused on charter-school advocacy and grants, projects that have stirred controversy in Southern California.

"Education is very personal to him," Pandey said. "He went to public schools and credits his teachers and his parents with instilling the value of education and helping him overcome dyslexia as a child and go on to great success."

The Broad art museum in downtown L.A. will also remain open.

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