David Koch to retire from Koch Industries due to poor health: memo

08 June, 2018, 03:17 | Author: Kim Reid
  • Free Trade Puts GOP Megadonors On Collision Course With Trump

Billionaire conservative icon David Koch is stepping down from the Koch brothers' network of business and political activities.

The 78-year-old NY resident is suffering from deteriorating health, according to a letter that older brother Charles Koch sent to company officials Tuesday morning.

In his letter, Charles Koch wrote that "Unfortunately, these issues have not been resolved and his health has continued to deteriorate".

Businessman, philanthropist, political activist, and chemical engineer David H. Koch is retiring from his position at Koch Industries due to poor health according to an internal memo obtained by Reuters.

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Mark Holden, the chairman of Kochs' donor network, confirmed David Koch's resignation from Americans for Prosperity.

David Koch made his own foray into politics decades ago, waging an unsuccessful bid as the Libertarian Party's vice presidential candidate in 1980 with Ed Clark. His brother Charles, 82, has appeared in recent months to pick up some of the slack left over by his brother's illness.

However, the Koch brothers, who are supporters of free trade, also are funding a campaign against Trump's protectionist policies and tariffs on key products like steel and aluminum. Their network has promised to spend $400 million to shape the 2018 midterm elections. "David has always been a fighter and is dealing with this challenge in the same way", he wrote. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success. Other non-political institutions to which he has made sizable contributions include the Massachusetts Institute of Technology, New York City Ballet's Lincoln Center, and the Metropolitan Museum of Art.

On the political side, officials confirmed David Koch would be stepping away, as well.

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Koch, who now lives in NY with his family, will continue to serve on some boards of organizations to which he has philanthropic ties. He provided $217 million to the Memorial Sloan Kettering Cancer Center, including $150 million for a new outpatient medical facility. The longtime philanthropist, who has supported vaunted NY institutions such as the American Museum of Natural History, the Metropolitan Museum of Art and the Lincoln Center, also funded a cancer research institute at MIT and has donated over $700 million to medical causes since his 1992 cancer diagnosis.

At Koch Industries, David has served as executive vice president and board member at the company that has a current value of $100 billion. Koch Industries is the second largest privately held company in America, with revenue of $100 billion in 2017, according to Forbes.

Although David Koch's involvement had been reduced in recent years, he still held several top positions within the Koch network, including as chairman of a foundation that supports Americans for Prosperity.

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