LA Times Reports Terms of the MOCA Bailout and Reorganization

Charles Young, new MOCA CEO

Diane Haithman of the LA TIMES reports today that LA MOCA's has a new CEO and an Eli Broad bailout.

Charles Young, UCLA's chancellor emeritus and professor at its School of Public Affairs, is MOCA's new CEO. He was chancellor of UCLA from 1968-1997; president of the University of Florida from 1999-2004. Jeremy Strick is out. His replacement as director, who will be in charge of artistic affairs, is as yet unchosen. This sounds like a two-headed MOCA. Young's UCLA bio is here. (He's got Qatar connections.)

The agreement with Broad includes a 90-day window to "allow any responsible party to replace the Broad Foundation on identical terms." Sounds as if there's still some ambivalence on the part of the board about doing the deal with Broad.

Haithman reports:

In an interview Monday, MOCA board co-chairmen Tom Unterman and David G. Johnson said that museum trustees had pledged or promised more than $20 million in new gifts since the museum's financial troubles became public in November. The executives declined to name specific board members who were planning donations.

It sounds like the board chairmen are not following Strick out the door. More to come, after the press conference.