MOCA adds three to board of trustees
The Museum of Contemporary Art in Los Angeles announced Wednesday that it has added three people to its board of trustees. Their election comes at a still-vulnerable time for the museum, which has been dealing with financial problems in recent years.
Among the new trustees is Bruce Karatz, former chairman and chief executive of KB Home. Eli Broad, who was a founder of the home-building company, is a founding chairman and life trustee of the museum. Karatz’s wife, Lilly, is also a MOCA trustee.
Stanley P. Gold was also elected to the MOCA board. He is president and chief executive of Shamrock Holdings, a Burbank investment company. The company was founded by the late Roy E. Disney and continues to serve as an investment vehicle for certain members of his family.
Also joining the board is Orna Amir Wolens, a lawyer and local philanthropist.
The MOCA board saw the departures of four prominent artists last year in reaction to the ouster of chief curator Paul Schimmel and decisions made by director Jeffrey Deitch.
The board recently rejected a takeover proposal from the Los Angeles County Museum of Art.
In March, MOCA said it had raised $60 million toward a goal of a $100-million endowment. The endowment had suffered seriously in recent years, dropping to $5 million in 2009 due to overspending and the global recession.
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