Billionaire LA philanthropist Eli Broad retires at 84

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LOS ANGELES (AP) — Los Angeles billionaire-philanthropist Eli Broad (Brohd) has retired.

The 84-year-old Broad announced Thursday he is passing on responsibility for The Eli and Edythe Broad Foundation to its president, Gerun Riley. The foundation has a $2.5 billion endowment.

Broad says he is in great health and wants to spend more time with family.

He will remain a trustee of the foundation and continue to serve on the board of directors of The Broad museum in downtown Los Angeles.

Broad was a founder of what is now KB Home and in 1971 he acquired the insurance company SunLife, renamed it SunAmerica and sold it to AIG for $18 billion in 1999.

He and his wife have since focused on philanthropy, putting billions of dollars into education, science and the arts.

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