Henry Samueli

Henry Samueli
Samueli (right) and the Stanley Cup champion Anaheim Ducks present then-President George W. Bush with a jersey
Born (1954-09-20) September 20, 1954
Buffalo, New York
Residence Newport Beach, California, US
Nationality United States
Alma mater UCLA (B.S., 1975; M.S., 1976; Ph.D., Electrical Engineering, 1980)
Known for co-founder of Broadcom Corporation
owner of the Anaheim Ducks
philanthropy
Net worth $3.8 billion USD (December 2017)[1]
Spouse(s) Susan Samueli
Children Three, Leslie, Jillian and Erin; one grandchild.

Henry Samueli (born September 20, 1954) is an American businessman, engineer, and philanthropist. He is the co-founder of Broadcom Corporation, owner of the Anaheim Ducks, and a prominent philanthropist in the Orange County, California community. He serves as Chief Technical Officer and Board Member of Broadcom. He is also a Professor (on leave of absence) in the Electrical and Computer Engineering Department at UCLA, and a Distinguished Adjunct Professor in the Electrical Engineering and Computer Science Department at UC Irvine. He holds honorary doctorate degrees from the Technion-Israel Institute of Technology[2] and the National Chiao Tung University in Taiwan.[3].

He is a named inventor in 75 U.S. patents. He is a Fellow of the Institute of Electrical and Electronics Engineers (IEEE), a Fellow of the American Academy of Arts and Sciences (AAAS) and a Member of the National Academy of Engineering (NAE). In 2012 Samueli won the Marconi Prize and Fellowship[4] for "pioneering advances in the development and commercialization of analog and mixed signal circuits for modern communication systems, in particular the cable modem.[5]

As of February 2018, Forbes estimates Samueli's net worth at $3.8 billion.[6]

He currently resides with his wife Susan in Newport Beach, California.[7]

Education

Samueli's parents, Sala and Aron, were Polish Jewish immigrants who survived the german Nazi occupation of Europe and arrived in the United States with almost nothing.[8] Samueli stocked shelves in his family's Los Angeles liquor store and graduated from Bancroft Junior High School and Fairfax High School.[8] Samueli became interested in electronics when he took a shop class at Bancroft.

Samueli attended UCLA, where he received his bachelor's degree (1975), master's degree (1976), and Ph.D (1980), all in the field of electrical engineering. His Ph.D. advisor was Alan N. Willson Jr. and his Ph.D. dissertation is entitled "Nonperiodic forced overflow oscillations in digital filters".

Broadcom origins

In 1991, while still working as a professor at UCLA, Samueli co-founded Broadcom Corporation with one of his Ph.D. students, Henry Nicholas. Each invested $5,000 and initially worked out of Nicholas' Redondo Beach home. They rented their first office in 1992 in Westwood, CA near the UCLA campus and moved to Irvine, CA in 1995 at which time Samueli took a leave of absence from UCLA to be at Broadcom full-time. Broadcom went public three years after that. Samueli still remains on leave from UCLA and he continues to be listed on the Electrical and Computer Engineering Department faculty roster.[9]

Anaheim Ducks ownership

In 2003 the Samueli's purchased the management contract for the Arrowhead Pond of Anaheim sports and entertainment venue, creating Anaheim Arena Management, LLC, to oversee all operations of the arena, and in 2005 they purchased the Mighty Ducks of Anaheim National Hockey League (NHL) club, the arena's largest tenant, from the Walt Disney Company[10] for $75 million. In 2006, the Samueli's announced the team's name change to the Anaheim Ducks and the arena's name change to Honda Center. In 2007 the Anaheim Ducks became the first California team ever to win the Stanley Cup championship.

As of December 2016, Samueli serves on the Executive Committee of the NHL Board of Governors.[11]

In 2015 the Samueli's acquired ownership of the Ducks' American Hockey League affiliate, the Norfolk Admirals. They subsequently moved the franchise to San Diego as part of the AHL's western expansion that year and the team was re-branded as the fourth incarnation of the San Diego Gulls.[12]

In 2017 Forbes reported the Anaheim Ducks were worth $415 million.[13]

Philanthropy

Henry Samueli School of Engineering and Applied Science at UCLA

After Broadcom went public in 1998 the Samueli Foundation was created. The foundation focuses its giving in the areas of education, health, youth services, and Jewish culture and values. In 2012 the Samueli's joined the Giving Pledge,[14] initiated by Warren Buffett and Bill and Melinda Gates, whose members pledge the majority of their wealth to philanthropy.

Given Henry Samueli's background in engineering and education, some of their earliest philanthropic gifts were in these areas. In 1999 the Samueli's made major donations to the UCLA School of Engineering and Applied Science and the UC Irvine School of Engineering, both of which have since been named after him.

In 2009 Henry Samueli was a founding director of the Broadcom Foundation, a 501c(3) corporate nonprofit, and he is the chair of this philanthropy that advances science, technology, engineering and math (STEM). Broadcom Foundation sponsors the Broadcom MASTERS (Math, Applied Science, Technology and Engineering for Rising Stars) and the Broadcom MASTERS International, programs of Society for Science and the Public that inspire middle school students to continue math and science courses into high school in order to create pathways to STEM careers. Samueli was inspired by his own seventh grade experience of building a short wave radio from a Health Kit for innovation that he funded the Marconi/Samueli Award for Innovation with his Marconi Award [15]. Henry and Susan Samueli also sponsor the top prize, the $25,000 Samueli Foundation Prize in the Broadcom MASTERS.

A major passion of Susan Samueli is in the areas of complementary and alternative medicine and integrative health and wellness. In 2001 the Samueli's established the Susan Samueli Center for Integrative Medicine at UC Irvine. They have also supported the research of the John Wayne Cancer Institute in Santa Monica, California, in cancer prevention and treatment.[16] In 2017 the Samueli's made a transformational $200 million gift to UC Irvine to create the Susan and Henry Samueli College of Health Sciences, a first-of-its-kind College of Health Sciences focused on interdisciplinary integrative health. As part of the gift, the existing Susan Samueli Center for Integrative Medicine was elevated to become the Susan Samueli Integrative Health Institute.[17][18]

Some of the other major naming gifts of the Samueli Foundation include the Samueli Theater at the Orange County Performing Arts Center in 2000, the Samueli Jewish Campus in Irvine, CA in 2001, the Sala and Aron Samueli Holocaust Memorial Library at Chapman University in 2003, the Samueli Academy, a public Charter High School in Santa Ana, CA for community, underserved and foster teens in 2013.

In 2015, Samueli received a prize from the Israeli government for his global contribution to innovation and his contribution to innovation in Israel, at the "Innovex" conference for innovation in technology.[19]

Dr. Samueli was named a 2017 Fellow by the National Academy of Inventors. Election to NAI Fellow status is the highest professional accolade bestowed to academic inventors.

To date the Samueli's have committed over $500 million to philanthropic causes.[20]

Broadcom stock options investigation

During the technology boom in the 2000s, Samueli and Broadcom co-founder Henry T. Nicholas III awarded millions of stock options to attract and reward employees. Prosecutors alleged Samueli and Nicholas granted options to others, including some other top executives, but not themselves, to avoid having to report $2.2 billion in compensation costs to shareholders.[8] In 2006 both the Securities and Exchange Commission and the Department of Justice began investigating Broadcom Corporation for backdating of stock options.[21]

On May 15, 2008, Samueli resigned as Chairman of the Board and took a leave of absence as Chief Technology Officer after being named in a civil complaint by the SEC.[22]

On June 23, 2008, Samueli pleaded guilty for lying to SEC for $2.2 billion of backdating. Under the plea bargain, Samueli agreed to a sentence of five years probation, a $250,000 criminal fine, and a $12 million payment to the US Treasury.

Prosecutors focused on the fact that Samueli denied under oath any role in making options grants to high-ranking executives. As part of his plea agreement, Samueli admitted the statement was false, and admitting to being part of the options-granting process.[8] However, an internal Broadcom probe laid the majority of blame on CEO Henry Nicholas and CFO William Ruehle.

On September 8, 2008, U.S. District Court Judge Cormac Carney rejected the plea deal that called for Samueli to receive probation, writing: "The court cannot accept a plea agreement that gives the impression that justice is for sale".

16 months later, on December 10, 2009, Judge Carney, after hearing the testimony of all the witnesses at the trial of CFO William Ruehle, dismissed the case against Samueli (as well as Ruehle and Nicholas), citing Samueli's testimony as well as prosecutorial misconduct.[23] In his ruling Judge Carney stated[24] "The uncontroverted evidence at trial established that Dr. Samueli was a brilliant engineer and a man of incredible integrity. There was no evidence at trial to suggest that Dr. Samueli did anything wrong, let alone criminal. Yet, the government embarked on a campaign of intimidation and other misconduct to embarrass him and bring him down." He further added in his ruling "Needless to say, the government’s treatment of Dr. Samueli was shameful and contrary to American values of decency and justice." The judge ordered Dr. Samueli's plea agreement to be "expunged" from his record and stated "Dr. Samueli now has a clean slate."

References

  1. ↑ "Forbes 400". Retrieved 2017-12-01.
  2. ↑ "Technion Honors | Technion - Israel Institute of Technology". Retrieved 2017-12-01.
  3. ↑ National Chiao Tung University in Taiwan. "蘇麗尹. "Henry Samueli". www.nctu.edu.tw (in Chinese)". Retrieved 2017-12-01.
  4. ↑ "UCLA, School of Engineering. "Henry Samueli Wins 2012 Marconi Prize"". July 22, 2012. Archived from the original on December 31, 2012. Retrieved November 27, 2012.
  5. ↑ "Henry Samueli – Marconi Society". www.marconisociety.org. Retrieved 2017-12-01.
  6. ↑ "Profile: Henry Samueli". Forbes.com. Retrieved 2018-02-10.
  7. ↑ "Most Influential 2015: Henry Samueli, Susan Samueli – Orange County Register". Orange County Register. 2015-12-26. Retrieved 2018-02-10.
  8. 1 2 3 4 Reckard, E. Scott, Goffard, Christopher (June 24, 2008). ""Broadcom co-founder Samueli pleads guilty in stock options fraud case". www.latimes.com.
  9. ↑ "UCLA Electrical and Computer Engineering Department Henry Samueli biography".
  10. ↑ foxsports (2009-11-12). "NHL Reinstates Henry Samueli as Owner of Ducks Despite Legal Woes". FOX Sports. Retrieved 2018-02-10.
  11. ↑ Wilkins, Cory (2016-12-09). "Canadiens, Jets owners elected to NHL executive committee". theScore.com. Retrieved 2018-02-10.
  12. ↑ "Ducks Launch American Hockey League Franchise in San Diego".
  13. ↑ Forbes. "The Business Of Hockey". Retrieved 2017-12-02.
  14. ↑ Loomis, Carol J. (2012-04-19). "12 more billionaires sign on to Buffett/Gates pledge". Fortune. Retrieved 2018-02-10.
  15. ↑ "Henry Samueli – Marconi Society". www.marconisociety.org. Retrieved 2017-12-01.
  16. ↑ "Henry Samueli". Inside Philanthropy. Retrieved 2016-01-14.
  17. ↑ Hiltzik, Michael (2017-09-22). "A $200-million donation threatens to tar UC Irvine's medical school as a haven for quacks". latimes.com. Retrieved 2018-02-10.
  18. ↑ "UCI receives $200 million gift".
  19. ↑ "The man who connects". Globes. Retrieved 10 February 2018.
  20. ↑ "UCI News - A legacy of giving". UCI News. Retrieved 2017-12-02.
  21. ↑ Gittelsohn, John; Galvin, Andrew (2007-02-19). "Samueli and Broadcom going different ways". Smarter News, Analysis & Research Communities. Retrieved 2018-02-10.
  22. ↑ "Broadcom execs charged by SEC, take leave of absence - L.A. Biz". L.A. Biz. 2008-05-15. Retrieved 2018-02-10.
  23. ↑ Pfeifer, Stuart (December 10, 2009). "Judge dismisses charge against Broadcom co-founder". Los Angeles Times. Retrieved May 4, 2010.
  24. ↑ Horton, Scott (2009-12-18). ""Broadcom Prosecution Collapses as Judge Finds Sweeping Misconduct by Federal Prosecutors". The Stream - Harper's Magazine Blog". www.harpers.org.
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