Philanthropist Eli Broad Says He's Retiring "Now, Right Now"

LOS ANGELES, CA – Philanthropist Eli Broad, who has contributed to Los Angeles arts, culture and overall development and has left an indelible impression on the city announced his retirement Thursday. Broad has also vocally supported charter schools, which has earned him the derision of the L.A. teacher's union.

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 in his lifetime. His current net worth is $7.3 billion and the Broad Foundation endowment is $2.5 billion.

City News Service and Patch staffer Emily Holland contributed to this post; Photo via Getty Images Entertainment/John Sciulli/Stringer