Eli Broad (born June 6, 1933) is an American businessman from Detroit, Michigan who resides in Los Angeles, California.
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An only child, Broad was born in the Bronx to Lithuanian Jewish immigrant parents. His father was a housepainter, his mother was a dressmaker. His family moved to Detroit when he was 6 years old. Broad attended Detroit Public Schools; he was a 1951 graduate of Detroit Central High School and went on to attend Michigan State University, where he majored in accounting with a minor in economics and graduated cum laude in 1954. Broad married Edythe "Edye" Lawson in 1954 when he was 21 and she was 18. He became the youngest Michigan native to become a Certified Public Accountant (CPA). Prior to entering the home building business, he worked as an accountant for two years, and partnered with Donald Kaufman to found a homebuilding company, Kaufman and Broad Home Corporation (now KB Home). Looking to diversify the cyclical homebuilding business, Broad in 1971 acquired Sun Life Insurance Company of America, a small family-owned insurance company in Baltimore, for $52 million. Broad transformed Sun Life into the retirement savings powerhouse SunAmerica. He sold SunAmerica to AIG in 1999 for $18 billion. He was CEO of SunAmerica, now a subsidiary of the American International Group, until 2000.
Eli and Edythe Broad are the founders of The Broad Foundations, with the mission of advancing entrepreneurship for the public good in education, science and the arts. In doing this, the foundation focuses on the arts and culture in Southern California, championing the revitalization of downtown Los Angeles, and reforming K-12 public education across the United States. The Broad Foundations, which include The Eli and Edythe Broad Foundation and The Broad Art Foundation, have assets of $2.1 billion.
In 2010, Broad backed "The Giving Pledge," an initiative started by fellow billionaires Warren Buffett and Bill and Melinda Gates for rich Americans to give at least half of their wealth to charity. Eli and Edythe Broad committed to give 75 percent of their wealth to philanthropy during or after their lifetimes.
Following an initiative by philanthropist Marcia Weisman, Broad was the founding chairman of the Museum of Contemporary Art, Los Angeles in 1979 and held that post until 1984; during his tenure he recruited Pontus Hultén as founding director of the museum. Later, in 1984, he helped to negotiate the acquisition of the Panza Collection for the museum. In 2008, his foundation gave a $30 million challenge grant to rebuild the museum’s endowment and to provide exhibition support. His offer was contingent on the museum remaining independent and not merging with LACMA. The following year, Broad was a key figure in the selection of the museum's new director, Jeffrey Deitch, and several new board members. When Victor Pinchuk was appointed to MOCA's Board of Trustees in late 2009, Broad joined Pinchuk's Future Generation Art Prize Board.
Broad also is a life trustee and member of the executive committee of Los Angeles County Museum of Art, where he was instrumental in recruiting Andrea Rich as the museum's president and Michael Govan as director. In 2003, The Eli and Edythe Broad Foundation gave $60 million to LACMA as part of the museum's renovation campaign to create the Broad Contemporary Art Museum and acquire art.
From 1996 on, Broad and then-Mayor Richard Riordan led the fundraising campaign to build the Frank Gehry-designed Walt Disney Concert Hall. The Broads later provided the lead gift to the Los Angeles Opera to bring Richard Wagner's opera cycle Der Ring des Nibelungen to Los Angeles in 2009—2010.
In 2000, Broad donated $23.2 million towards the Broad Art Center at UCLA, designed by Richard Meier On June 1, 2007 Eli and Edythe Broad pledged $26 million to Michigan State University for construction of the Eli and Edythe Broad Art Museum, and they gave another $2 million to the project in 2010. The Broads also contributed $10 million in 2008 for a programming endowment for a state-of-the-art music and performing arts center at Santa Monica College, The Eli and Edythe Broad Stage, and an adjacent black box performance space, The Edye.
In 1991, Broad endowed the Eli Broad College of Business at his alma mater Michigan State University, from which he graduated cum laude in 1954.
The Eli and Edythe Broad Foundation's education work is focused on dramatically improving urban K-12 public education through better governance, management, labor relations and competition. The Broad Foundation has three national flagship initiatives:
The Broad Superintendents Academy is a 10-month executive management program to train working CEOs and other top executives from business, non-profit, military, government and education backgrounds to lead urban school systems.
The Broad Residency in Urban Education is a two-year management development program that trains recent graduate students, primarily with business and law degrees, who have several years of work experience and places them immediately into managerial positions in the central operations of urban school districts.
The $1 million Broad Prize for Urban Education is the nation’s largest education award given annually to urban school districts that have made the greatest overall performance and improvement in student achievement while closing achievement gaps between income and ethnic groups.
On April 25, 2007, the Eli and Edythe Broad Foundation joined forces with the Bill and Melinda Gates Foundation pledging a joint $60 million to create Strong American Schools, a nonprofit project responsible for running Ed in 08, an information and initiative campaign aimed at encouraging 2008 presidential contenders to include education in their campaign policies.
The Broad Superintendents Academy has been criticized as being a destructive force for public education.
The Broad Institute of MIT and Harvard was founded with a $100 million donation to the Massachusetts Institute of Technology from Broad and his wife, Edythe, in 2003. In 2005, the couple donated another $100 million to Harvard. On September 4, 2008 the Broads gave another $400 million to endow the Broad Institute. The endowment is managed by Harvard's investment unit.
The Eli and Edythe Broad CIRM Center for Regenerative Medicine and Stem Cell Research at USC is the product of an public-private partnership between voter-created CIRM, the Keck School of Medicine of USC and the Eli and Edythe Broad Foundation, which donated $30 million in 2006. In 2007, the Broads also donated $20 million to the UCLA Stem Cell Institute. One year later, they gave a major gift to the University of California, San Francisco for the new headquarters of the Eli and Edythe Broad Center of Regeneration Medicine and Stem Cell Research, which opened in February 2011. Broad is also a member of the California Institute of Technology Board of Trustees where he funded the Broad Center for the Biological Sciences. In 2009, the Broads gave $5 million to fund the Joint Center for Translational Medicine at Caltech and UCLA.
Broad has been instrumental in developing Grand Avenue as an arts center. He helped to found the Grand Avenue Committee, a group formed to oversee additional development of the avenue, and is co-chair of the its board of directors.
Broad’s interest in art was born in 1973; the first work he bought was a Van Gogh drawing entitled "Cabanes a Saintes-Maries" 1888). Usually, his trajectory as an art collector is traced to mentoring by the late Taft Schreiber. At first, the Broads assembled a notable collection of works by Miró, Picasso and Matisse. Eventually, the pair began to concentrate on post-World War II paintings, at times selling some of their original purchases to fund new ones. Larry Gagosian is credited to be Broad's most important advisor and dealer when purchasing works of art.
When they ran out of wall space in their home, Eli and Edythe Broad pioneered a lending library for contemporary art. The Broad Art Foundation, which they established in 1984, has made more than 7,800 loans to more than 485 museums and university galleries worldwide. The Broads' have two collections—a personal collection with nearly 500 works and The Broad Art Foundation's collection, which has approximately 1,500 works Modern and contemporary art. The collection was one of the most sought-after by museums in the U.S., until January 2008, when Broad and his wife decided that their personal collection would ultimately go to their foundation to make loans to museums rather than give any of the art away. In 1988, architect Frederick Fisher designed office space, archives and extensive private galleries for the Broad Art Foundation in a former telephone switching station in the Ocean Park section of Santa Monica. On August 23, 2010 the Broads formally announced that they would build and endow a museum to house the Broad Collections, on a Grand Avenue site owned by the Los Angeles Community Redevelopment Agency in downtown Los Angeles across the street from Walt Disney Concert Hall.
Some of the best-known works are by contemporary artists including:
With an estimated net worth of around $5.8 billion, Broad is ranked by Forbes as the 173rd wealthiest person in the world. A major donor to Democratic political candidates, the Newsmeat Power Rankings identify Broad as one of the top eight "most famous and powerful American. "
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