Ronald Perelman, Penn trustee, steps down as Carnegie Hall chair

That came to a head on August . 18, when Perelman suspended Gillinson, who was reinstated the following day at a meeting of the Executive Committee which also agreed to appoint a lawyer to investigate the governance concerns, according to the letter.

Billionaire Ronald Perelman has resigned as chairman of the board at Carnegie Hall.

Perelman – whose donations have funded the upcoming Perelman Center for Political Science, the Perelman Quadrangle and other aspects of the University – has been a trustee at Carnegie Hall since 1988, a member of its executive committee since 2010 and vice chairman since 2012.

Clive Gillinson’s handling of related-party transactions in an e-mailed letter to the trustees on Wednesday.

The public relations office for Carnegie Hall did not have an immediate comment on Perelman’s charges or his decision to give up his post at the end of the year.

Mr. Gillinson didn’t immediately respond to requests for comment Thursday.

There’s drama of a different sort at Carnegie Hall. But Perelman’s letter said the investigator has yet to be named and the investigation has not yet begun. “In addition, I was troubled by the manner in which related-party transactions were being identified, vetted and approved”. Warner is owned by a firm founded by Carnegie board member Len Blavatnik. There is value conferred upon Warner Music by its association with Carnegie Hall through the prize, Mr. Perelman said.

The issue that appears to have led to the showdown is the fact that Gillinson signed a contract related to the $100,000 Warner Music Prize despite the fact that Perelman objected, based on a possible unvetted conflict of interest.

Later that evening, Mr. Weill said he was looking forward to seeing what Mr. Perelman would do at the hall.

Over the years Mr. Perelman has engaged in a number of legal battles, including lawsuits targeting investment bank Morgan Stanley and art-dealer Larry Gagosian.