The Museum of Contemporary Art in Los Angeles has adopted a new financial plan that will allow it to avoid a merger and a move to another location, report The Wall Street Journal and the Los Angeles Times.

The museum is seeking $75-million to rebuild its endowment and support five years of operating expenses. The museum will cut its annual budget and replace its longtime director Jeremy Strick with a former chancellor of the University of California at Los Angeles, Charles Young, for the interim. The museum plans to appoint someone who will serve as both director and chief executive rather than making two appointments as it has done in the past.

The museum’s rescue plan was sparked by the philanthropist Eli Broad, a longtime donor to the museum, who has pledged $30-million to the institution. Museum officials say that the institution has received pledges of more than $20-million from board members and that it plans to raise an additional $50-million through a campaign.

(A paid subscription is required to view the Wall Street Journal article.)