Austin Beutner, co-founder of New York-based investment bank Evercore Partners Inc., said he’s withdrawing from the Los Angeles mayor’s race to spend time with his family.
Beutner, 52, ran as an “unpolitician” with a background in investment and business development who entered public service in 2008 after a cycling accident caused him to reassess his life.
“I intend to keep working to make a difference in our community,” Beutner, a former deputy under Mayor Antonio Villaraigosa, said on his campaign website. “We face tough choices ahead and we’ll need elected leadership who will make the right ones.”
His campaign raised $627,000 last year, with donations from Wall Street and Hollywood figures including KB Home founder Eli Broad, “Pirates of the Caribbean” producer Jerry Bruckheimer and “Will and Grace” star Debra Messing, according to campaign-finance reports.
Others in the race to lead the second-largest U.S. city include Controller Wendy Greuel and City Council members Jan Perry and Eric Garcetti. Villaraigosa can’t run because of term limits.