And half of the money will go to endow the position of president and CEO, held by Deborah Borda since the turn of the century. Deborah and tech pioneer David Bohnett were a class act. Now, they have laid the foundations of a healthy future for the Philharmonic.
Press release; Los Angeles (December 10, 2014) – Diane B. Paul, Chair of the Board of Directors of the Los Angeles Philharmonic, today announced that David C. Bohnett, Chairman of the David Bohnett Foundation, has pledged a $20 million gift to the Los Angeles Philharmonic. This gift will create the David C. Bohnett Presidential Fund for Discovery and Innovation and will also provide for the naming of the David C. Bohnett Presidential Chair, which endows the position of President and Chief Executive Officer in perpetuity (the position held by Deborah Borda since 2000).
This gift is made in honor of Deborah Borda’s continuing accomplishments with the Los Angeles Philharmonic. Bohnett is a former Board Chair of the Los Angeles Philharmonic Association and currently serves on the Board and the ExecutiveCommittee. One of the largest donations in the history of the LA Phil, this new gift will be divided into two equal parts: $10 million to endow the David C. Bohnett Presidential Chair, and $10 million to launch the David C. Bohnett Presidential Fund for Discovery and Innovation. While the naming of a chair is common practice in major academic institutions, the endowment of a CEO position is rare in artistic organizations.
The Fund for Discovery and Innovation will be distributed at the discretion of th President for programs that continue to shape the Los Angeles Philharmonic as an international model of an orchestra of the 21st century – through investments in new audience development and initiatives tha t enhance the institution’s mission of innovative programming and social responsibility to the community.
Deborah Borda stated, “David Bohnett has again demonstrated not only hisincredibl e generosity and commitment to the Philharmonic, but also his profound belief that musical institutions have an important role to play in civic life. He truly sees the arts and education as an essential human service. I am deeply grateful to David for his support and friendship over the years and now for this transformative gift. His visionary philanthropy will allow the LA Phil to continue to expand the programmatic boundaries of the American symphony orchestra as a pioneer of innovation and excellence. I am honored to occupy a position that bears his name.”