Saturday, 23 February, 2019

David Koch steps down from Koch Industries

Americans for Prosperity Foundation Chairman David Koch speaks in Orlando Fla. Koch is stepping down from the Koch brothers network of business and political activities. The 78-year-old cited health reasons in Free Trade Puts GOP Megadonors On Collision Course With Trump
Ginger Lawrence | 07 June, 2018, 19:09

Conservative billionaire industrialist David Koch is retiring from his roles at Koch Industries and associated companies due to poor health, according to an internal memo seen by Reuters.

His brother, Charles Koch, announced in a letter to Koch Industries employees on Tuesday that David Koch's health had been in decline since he was hospitalised last summer.

Charles Koch wrote that he's "deeply saddened" by his brother's retirement.

At Koch Industries, David has served as executive vice president and board member at the company that has a current value of $100 billion. He'll proceed to function the CEO of Koch Industries and the unofficial face of the community's political efforts.

While David Koch was the Libertarian nominee for vice president in 1980, he shared little of his brother's political zeal.

Charles Koch had assumed a more visible leadership role in the brothers' affairs in recent years.

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The Koch Brothers have made an indelible mark on their support for conservative causes, so much so that former Senate Majority Leader Harry Reid blasted Republicans as having a "Koch addiction".

He added: "David has never wanted anything for himself that he hasn't earned, as his sole desire has always been to contribute". And whereas they've praised Trump's insurance policies on taxes, de-regulation and well being care, they've aggressively attacked the Republican administration's commerce insurance policies. On Monday, their network announced a multi-year, multi-million-dollar campaign to promote free trade and oppose President Donald Trump's moves to impose tariffs.

Utilizing the cash they produced from their Kansas-based household enterprise empire, the Koch brothers have created what is probably going the nation's strongest political group with short- and long-term objectives. They have also devoted significant time and resources to strengthening conservative influence on college campuses, in the Hispanic community and in the nonprofit sector. Charles Koch said David Koch will now get the title of "Director Emeritus". For instance, 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.

Charles continued: "David is a significantly better engineer than I'm and is rather more into the humanities and social life".

In Tuesday's letter, Charles Koch mentioned his brother's "steerage and loyalty, particularly in our most troubled instances, has been unwavering". That group, the network's primary political vehicle, has been one of the most active television advertisers so far in this year's midterm congressional campaign.