Conservative billionaire David Koch is stepping down from a key role in the political and policy empire that made him and his older brother two of the most powerful men in American politics and among the most vilified figures in Democratic circles.
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.
"Unfortunately, these issues have not been resolved and his health has continued to deteriorate", Charles Koch wrote in the letter, according to The Associated Press.
Baxter also said he had no doubt that the network will continue to thrive without David Koch.
David Koch, executive vice president at Koch Industries, will become director emeritus.
The billionaire is 78 years old and was diagnosed with prostate cancer in 1992.
David and Charles Koch are widely known for their financial support of conservative causes that favor businesses and stricter environmental regulation, according to the New York Times. The MIT grad ran as the Libertarian candidate for vice president with Ed Clark in the 1980 election, where the duo won roughly one million votes.
Charles Koch had assumed a more visible leadership role in the brothers' affairs in recent years.