David Koch resigning from Koch Industries, political organizations

by Garry Watts June 8, 2018, 3:26
David Koch resigning from Koch Industries, political organizations

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.

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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.

The network, which includes about 700 like-minded donors who commit to giving at least $100,000 a year, plans to spend $400 million in policy and politics before the 2018 elections, the group's largest midterm investment.

Koch's announcement came a day after groups backed by the two brothers said they would champion free trade and oppose tariffs with a multimillion-dollar campaign against USA president Donald Trump. About how his brother is dealing with his illness, Charles said, "David has always been a fighter and is dealing with this challenge in the same way".

As Koch Industries' profile rose, so did David Koch's involvement in politics and philanthropy. He is a resident of New York City.

"Due to health reasons, David Koch will be resigning from the board of Americans for Prosperity Foundation", said Mark Holden, a longtime Koch lieutenant who is co-chairman of the political hub. He gave $128 million to New York-Presbyterian Hospital, $26.5 million to the University of Texas MD Anderson Cancer Center, $26.2 million to the Hospital for Special Surgery in New York, $20 million to Johns Hopkins University, $10 million to Mount Sinai Medical Center and $10 million to the children's hospital at Stanford University for allergy research. Their influence has largely been powered by a fortune centered on Koch Industries, the second-largest privately held company in the United States, whose operations range from refining and chemicals to ranching and forest products. The money has come through personal gifts and the David H. Koch Charitable Foundation.

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