Irvine-based chipmaker Broadcom Inc.’s value shot up 100% on the day it went public in 1998. It was one of the most memorable days of co-founder Henry Samueli’s life, and it was the beginning of the Samueli Foundation.
“We set up the foundation right away, knowing that we would give back as soon as the stock had value. Fortunately, it had a lot of value, so we started writing checks—big checks,” Samueli said during an event last month at the UCI Paul Merage School of Business.
Since then, the foundation backed by one of Orange County’s wealthiest families has given thousands of grants, and nearly $600 million to causes in and outside of OC, with a focus on education.
Passions Lead
Giving back to the University of California-Los Angeles was an obvious choice because it created his success, according to Samueli. He earned his undergraduate, graduate and Ph.D. from the institution and was a faculty member for about 10 years before launching Broadcom—where he now serves as chairman of the $125 billion-valued firm, following its 2015 sale to fellow chipmaker Avago Technologies Inc. (Nasdaq: AVGO).
As for the University of California-Irvine, his former colleague and former dean of its engineering school Nicolaos Alexopoulos roped him in soon enough.
Over the past two years, Samueli and his wife, Susan, have donated $200 million to build the College of Health Sciences at UCI and $100 million to expand UCLA’s engineering school, which touts Henry’s name.
The couple’s other charitable interests include integrative health, youth education, Jewish culture and youth sports, “especially hockey,” said the Anaheim Ducks owner.
Lessons Learned
Henry’s parents—Holocaust survivors and Polish immigrants—taught him the importance of giving back at a young age. “It’s also an important value in Jewish culture, and I’ve never heard a sermon from a rabbi that didn’t talk about giving back to those less fortunate,” he said.
It’s a tenant that nowadays Henry and Susan are teaching their three adult children and two grandchildren, in honor of the couple’s late parents’ memories.
Samueli added, while pumping his fist, “But we know they’re watching, and we’re doing a good job for you guys.”
