Philanthropist Eli Broad talks about stepping down from foundation

LOS ANGELES (KABC) -- After half a century of changing the face of Los Angeles, entrepreneur Eli Broad is stepping down from his foundation.

Broad said he will slowly scale back from the daily operations of the Eli and Edythe Broad Foundation.

"Our foundation is 50 years old," Broad said. "I'm 84 years of age. It's time to pass the baton."

The foundation will be left in the hands of Gerun Riley, the current Broad Foundation President.

"I've had the great privilege of learning for the past 14 years from someone who has taught me a great deal about a lot of different areas and has certainly taught me to be relentless and tireless," Riley said.

Broad said he is delighted to have a successor that "smarter" than he is.

The Broad museum opened two years ago as his $140 million gift to the city of Los Angeles.

The billionaire pledged to give away three-quarters of his fortune as the foundation continues to fund education, scientific and medical research and the arts.

He said there are no health reasons behind his retirement as his wife has convinced him that it is time.

"It is time for me to spend more time with my family, do some reading, watch movies and do things I haven't had a chance to," Broad said.

Broad said he is not going anywhere as Los Angeles will remain his home.

He has a new challenge for other billionaires in Los Angeles: He's looking for someone to fill his shoes.