Eli Broad, chairman and chief executive officer of the SunAmerica financial services firm, is donating $100 million to create a new foundation with the goal of improving the management of urban schools nationwide, the Associated Press reports.

The Broad Foundation wants to improve the performance of public school students and increase "school board competence," AP reports. The foundation may also look at ways to improve principal training, teachers' skills and labor relations. Two consultants have been hired for the foundation, which is still in the planning stage.

Broad, 66, is active in a variety of philanthropic efforts.

The Broad Art Foundation supports contemporary art, and he launched a $200 million effort to raise money for the Walt Disney Concert Hall in Los Angeles.

He also donated $18 million last year for biological research at the California Institute of Technology.

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