Rick Caruso

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Rick Caruso
Born Rick Joseph Caruso
(1959-01-07) January 7, 1959 (age 58)
Los Angeles, California
Alma mater University of Southern California
Pepperdine University School of Law
Occupation Businessman
Net worth US$3.5 billion (October 2015)[1]
Spouse(s) Tina Caruso
Children 4
Parent(s) Henry Caruso
Gloria Caruso
Website www.CarusoAffiliated.com

Rick Joseph Caruso (born January 7, 1959)[2] is an American billionaire businessman and philanthropist.[3] He is the founder and chief executive officer of Caruso Affiliated, an American real-estate company.[4][5] He has been president of the Los Angeles Police Commission and a member of the Board of Water and Power Commissioners.

Early life and education[edit]

Caruso received a bachelor of science degree from the University of Southern California in 1980, where he was a member of the Sigma Alpha Epsilon fraternity, and a law degree from the Pepperdine University School of Law in 1983 as a Margaret Martin Block Scholar.[6][7][8] In 1995, he was recognized as the Alumnus of the Year by Pepperdine School of Law.[9]

Business career[edit]

Caruso was a real-estate lawyer in the corporate finance department at Finley Kumble,[10] but in 1990, he quit law to develop retail and residential properties full-time.[11][12] In 1987, he founded Caruso Affiliated, a company that develops, owns and manages properties such as The Grove at Farmers Market in Los Angeles, the Americana at Brand in Glendale, the Commons at Calabasas, the Promenade at Westlake, 8500 Burton Way and the Waterside Marina Del Rey.[4][10]

He has lectured on real estate issues at the Kennedy School of Public Administration at Harvard University,[13] the USC Sol Price School of Public Policy[14] and the Milken Institute Global Conference.[15] Caruso participates annually as a guest panelist for the International Council of Shopping Centers.[16]

Public service[edit]

In 1985, at the age of 26, Caruso was named by Mayor Tom Bradley to serve as a commissioner for the Los Angeles Department of Water and Power,[17] becoming the youngest commissioner in the history of the city.[18][19]

In August 2001, Caruso was appointed by Mayor James K. Hahn to the Los Angeles Board of Police Commissioners[20] and was elected its president.[18] In this role, he led the selection process that resulted in the hiring of former New York City police chief William Bratton as the Los Angeles chief of police.[20] During Caruso's tenure as president of the Police Commission, the crime rate in Los Angeles dropped 37.3% from 2002 to 2006.[20]

In 2008, Caruso was elected to serve as a member of the Los Angeles Coliseum Commission,[19][21] which oversees the operations of the Los Angeles Memorial Coliseum and nearby Los Angeles Memorial Sports Arena. During his tenure on the commission, Caruso advocated for its reform, including the resignation of its general manager,[22][23] and the replacement of the commission itself with a new governing body.[24] He also advocated a ban on rave parties at the two venues.[25][26]

Philanthropy and Awards[edit]

Caruso founded the Caruso Family Foundation, a foundation that is dedicated to supporting organizations that improve the lives of children in need of healthcare and education.[27]

In 2013, the Foundation pledged $5 million to Operation Progress, a Watts-based non-profit founded by Los Angeles Police Department officers, which will guide more than 200 students from elementary school through college graduation. The pledge creates a new "ecosystem of opportunity" led by Operation Progress in collaboration with three area Catholic schools, South Central Scholars, Helping Young People Excel, and STRIVE.[28]

Caruso serves on the board of Para Los Niños, a nonprofit family and child welfare agency in South Los Angeles.[29] The organization dedicated its skid row facility as the Tina and Rick Caruso Child Development Center.[30]

He is a trustee of the University of Southern California,[31] is on the Pepperdine School of Law Board of Visitors[32] and on the Board of Trustees of the Ronald Reagan Presidential Foundation.[33] The Caruso Catholic Center and Our Savior Parish Church on the USC campus was endowed by and named after Caruso following his contribution of $9 million.[34][35] In 2015, Caruso and his wife Tina donated a further $25 million to USC, to endow and name the USC Tina and Rick Caruso Department of Otolaryngology – Head and Neck Surgery, one of the nation’s largest and most highly ranked for research and treatment of diseases of the ear, nose and throat.[36] He sits on the board of the National Institute of Transplantation[37] and is on the Board of Saint John’s Hospital[38] and The California Medical Center Foundation.[39]

In 1995, Caruso was named Alumnus of the Year by Pepperdine School of Law.[11]

Caruso was named by the Los Angeles Business Journal as "Developer of the Year" and its 2012 Ernst & Young LLP Master Entrepreneur of the Year.[9][40]

Personal life[edit]

He is married to Tina Caruso; the couple have four children.[2]

References[edit]

  1. ^ "Rick Caruso". forbes. Retrieved 14 October 2015. 
  2. ^ a b Uribarri, Adrian G. (2007-01-11). "Developer gets recognition for aid to children". Los Angeles Times. ISSN 0458-3035. Retrieved 2016-10-06. 
  3. ^ Clendenin, Jay L. (September 20, 2015). "Billionaire developer Rick Caruso, who owns -- among other things -- the Encino Marketplace, the Americana at Brand in Glendale, the Grove and Burton Place Retail Center in Los Angeles, may be one of the candidates in L.A.'s next mayoral election.". The Los Angeles Times. Retrieved September 20, 2015. 
  4. ^ a b "Rick J. Caruso, founder and CEO, Caruso Affiliated". Smart Business. 1 July 2012. 
  5. ^ Martin Moodie. "Shilla/ARI bid for LAX duty free gets Rick Caruso endorsement". The Moodie Report. Retrieved 11 May 2013. 
  6. ^ "Rick J. Caruso". USC Price. Retrieved 11 May 2013. 
  7. ^ "Distinguished Alumnus Rick J. Caruso Addresses Audience at 33rd Annual Associates Dinner". Pepperdine University. Retrieved 11 May 2013. 
  8. ^ "Admissions". Pepperdine University. Retrieved 11 May 2013. 
  9. ^ a b "Executive Profile Rick J. Caruso". Bloomberg Businessweek. Retrieved May 19, 2012. 
  10. ^ a b Meinert, Maya. "Early Developer". LA Business Journal. Retrieved 12 May 2013. 
  11. ^ a b Annette Moore (March 8, 2007). "Inside the world's biggest airline merger". USC News. 
  12. ^ Morris Newman (November 10, 1998). "Commercial Real Estate: Developer Turns Shopping Malls Into Center of Attention". Los Angeles Times. 
  13. ^ "Caruso! Not the singing one. The talking one. Rick Caruso talks more LA.". LA Times. Retrieved 12 May 2013. 
  14. ^ "USC 125th Commencement: Speakers at Satellite Ceremonies". University of Southern California. Retrieved 12 May 2013. 
  15. ^ "Global Conference 2013 - Rick Caruso". Milken Institute. Retrieved 12 May 2013. 
  16. ^ "Saint John's Health Center". Newstjohns.org. Retrieved 12 May 2013. 
  17. ^ "The Linq: Retail Advisors" (PDF). Caesars Palace. Retrieved 6 May 2013. 
  18. ^ a b "Attorney Rick Caruso Unanimously Elected to Head Police Commission". Metnews.com. 2001-08-22. Retrieved 2011-09-03. 
  19. ^ a b Matthew Fleischer (December 31, 2008). "The Caruso Factor". Los Angeles Business Journal. 
  20. ^ a b c "Hahn Picks Bratton to Lead Police Force - Los Angeles Times". Articles.latimes.com. 2002-10-03. Retrieved 2011-09-03. 
  21. ^ "Coliseum Commission". Lacoliseumlive.com. 1945-09-25. Retrieved 2011-09-03. 
  22. ^ Dennis Romero (February 9, 2011). "Raves: Rick Caruso Calls for Resignation of Coliseum G.M. Patrick Lynch". LA Weekly. 
  23. ^ "Caruso Calls for Resignation of Coliseum Executive Director". Business Wire. February 9, 2011. 
  24. ^ Paul Pringle and Andrew Blankstein (September 29, 2011). "Developer Rick Caruso resigns from Coliseum Commission". Los Angeles Times. 
  25. ^ Dennis Romero (February 10, 2011). "Raves: Coliseum Commissioner Rick Caruso Says Rave Ban Back on the Table, Electric Daisy Carnival Still up in the Air". LA Weekly. 
  26. ^ Dennis Romero (January 5, 2011). "L.A. Coliseum Commissioner Rick Caruso Likely To Ask For Ban On Raves". LA Weekly. 
  27. ^ "Rick Caruso to Receive the 2012 Ernst & Young LLP Master Entrepreneur Of The Year® Award for Greater Los Angeles". Reuters. May 11, 2012. 
  28. ^ James Rainey (November 6, 2013). "Foundation pledges $5 million for Watts social, educational programs". Los Angeles Times. 
  29. ^ "Para Los Niños". Paralosninos.org. Retrieved 2011-09-03. 
  30. ^ Adrian G. Uribarri (January 11, 2007). "Developer gets recognition for aid to children". Los Angeles Times. 
  31. ^ Moore, Annette (2011-02-09). "Rick J. Caruso Elected to USC Board". Usc.edu. Retrieved 2011-09-03. 
  32. ^ "Board of Visitors | School of Law | Pepperdine University". Law.pepperdine.edu. Retrieved 2011-09-03. 
  33. ^ "Board of Trustees of The Ronald Reagan Presidential Foundation". ReganFoundation.org. Retrieved 2013-05-03. 
  34. ^ Dakota Smith (December 16, 2008). "Ground Blessing Takes Place for New USC Caruso Catholic Center". Curbed LA. 
  35. ^ Larry Gordon (December 9, 2012). "Lavish new church, meeting center to serve USC Catholics". Los Angeles Times. 
  36. ^ https://news.usc.edu/82320/25-million-gift-from-tina-and-rick-caruso-to-endow-head-and-neck-department/
  37. ^ "Board of Directors". Transplantation.com. Retrieved 2011-09-03. 
  38. ^ "Saint John's Health Center". Newstjohns.org. Retrieved 2011-09-03. 
  39. ^ "Global Conference 2013 - Rick Caruso". Milken Institute. Retrieved 12 May 2013. 
  40. ^ Deborah Crowe (May 11, 2012). "Caruso Named Ernst & Young LLP Master Entrepreneur of the Year". Los Angeles Business Journal.