Eli and Edythe Broad

Eli and Edythe Broad were American business leaders and philanthropists whose transformative giving reshaped civic and cultural institutions across Los Angeles and the nation. Eli Broad built two Fortune 500 companies, KB Home and SunAmerica, amassing a fortune that he and Edythe dedicated to advancing public education, scientific and medical research, and the visual arts. Their strategic philanthropy, channeled primarily through The Broad Foundation, established them as among the most influential cultural benefactors in the United States, with a legacy anchored by iconic institutions like The Broad museum in downtown Los Angeles.

Early life and education

Eli Broad was born in the Bronx to Lithuanian immigrant parents, while Edythe Lawson was raised in Detroit. They met as students at Michigan State University, where Eli graduated in 1954 with a degree in accounting and Edythe earned a degree in education. Their partnership began early, marrying in 1954 shortly after Eli's graduation, and they moved to Phoenix, Arizona, where Eli worked as an accountant. This period solidified their lifelong partnership in both business and philanthropy, with Edythe playing a crucial strategic role from the outset.

Business career

In 1957, the Broads invested in a Detroit homebuilding company, which Eli transformed into KB Home, pioneering the model of building affordable, standardized homes for the growing postwar market. Under his leadership as CEO, the company expanded rapidly across the Sun Belt. In 1971, Eli acquired Sun Life Insurance Company of America, which he renamed SunAmerica and reshaped into a retirement savings giant focused on annuities and mutual funds. After taking SunAmerica public, he orchestrated its $18 billion sale to AIG in 1998, which formed the core of the Broads' philanthropic capital.

Philanthropy

The Broads established The Broad Foundation in 1999 to manage their philanthropic endeavors, which they described as "venture philanthropy." Their giving focused on three primary areas: advancing STEM education and scientific research, reforming K–12 public education, and fostering contemporary art. They were instrumental funders of the Los Angeles County Museum of Art, the Museum of Contemporary Art, Los Angeles, and the Broad Institute, a groundbreaking biomedical research center. Their most visible contribution is The Broad, a free contemporary art museum in Los Angeles that houses their extensive collection of postwar and contemporary art.

Personal life

Eli and Edythe Broad were married for 66 years until their deaths within weeks of each other in 2021. They had two sons, Jeffrey Broad and Gary Broad. The family resided primarily in Los Angeles, becoming central figures in the city's civic and cultural life. Eli was known for his hands-on, data-driven approach to philanthropy, often engaging directly with grantees like the Los Angeles Unified School District and the UCLA medical school. Edythe was deeply involved in the couple's art collecting and educational initiatives, with a particular focus on supporting artists and public school programs.

Legacy and honors

The Broads' legacy is physically etched into the landscape of Los Angeles and the global scientific community. Major institutions bearing their name include The Broad museum, the Broad Center for education leadership at the Yale School of Management, and the Eli and Edythe Broad Art Museum at Michigan State University. Eli Broad received numerous accolades, including the Carnegie Medal of Philanthropy and the Order of the Aztec Eagle. Their philanthropic model, emphasizing large-scale, transformative gifts with measurable outcomes, has influenced modern giving practices and cemented their status as pivotal figures in American philanthropy.

Category:American philanthropists Category:American businesspeople Category:People from Los Angeles Category:Michigan State University alumni