A native Houstonian, Leonard graduated from New Mexico Military Institute High School and Junior College in 1946, then attended the University of Houston. He had three sons Ronald Rauch, Robert Rauch and Tracy Kennedy. He spent most of his life in real estate development, such as Greenspoint, education and banking.
In 1969, he was appointed to Board of Regents of University of Houston. Leonard was the longest serving regent ever and served as Chairman of the Board of Regents for two terms.
In 1995, Governor George W. Bush appointed Leonard to be Chairman of the Board of Texas Higher Education Coordinating Board that oversees all 122 universities in Texas. This term was for six years. He also served as Chairman of the Board and founder of both Greenspoint Bank and Interstate Bank North, who later merged to become Compass Bank and served on their Board until January 2008.
He was Chairman of the Board of University of Houston Foundation from 1995 till his death. He was a member of the Board of the Texas Council on Workforce & Economic Competitiveness in 1995, past member of the Board of Governors of the Houstonian, past founding member of the Board of Governors of Greenspoint Club, past founding member of the Episcopal High School Board, past director of the Coastal Industrial Water Authority, past member of the board of Trustees of the Harris County Heritage Society and past member of the City Planning Commission of Houston for 11 years.
Leonard received the Pacesetter Award for Business presented by the North Houston Chamber of Commerce in 1991, Distinguished Alumnus of the college of Social Sciences, University of Houston, 1990, New Mexico Military Institute Alumni Hall of Fame Distinguished Alumnus Award, 1986, University of Houston Distinguished Alumnus Award, 1980, Exchange Club Book of Golden Deeds Award, 1977, Honorary Doctorate of Humane Letters, University of Houston, 2007.
Leonard was known for his wit, vitality, humor and lived life to the fullest. He was an avid golfer and a sport's enthusiast, attending all home Rockets, Texans and Astros games