LOS ANGELES—Newly announced Los Angeles mayoral candidate Rick J. Caruso said on Feb. 15 he will step down as chairman of the University of Southern California (USC) Board of Trustees as he turns his focus to campaigning. The shopping-mall magnate became chair of the USC Board of Trustees in 2018 and served through what he described as a “turbulent time of revelations about our university,” according to a campus-wide message he sent on Feb. 15. He said the board remained committed to restoring trust in the university’s leadership and strengthening the fabric of the community. “I am grateful for your support, dedication, and partnership over the last four years, as we addressed and resolved tough issues and built a solid foundation for USC’s future,” Caruso said in his message to the campus. Caruso said he will step down as chairman “once a transition process is completed.” Carol L. Folt was …