Billionaire Industrialist David Koch Retires From Business and Politics

08 June, 2018, 03:26 | Author: Gregory Stephens
  • Last week Trump imposed steep tariffs on foreign aluminium and steel prompting retaliatory moves from Canada Mexico and the EU

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

David Koch has been an executive vice president and board member of Koch Industries, and chairman and chief executive officer of Koch Chemical Technology Group.

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

Along with stepping down from Koch Industries, Koch is also rolling back his responsibilities at the Seminar Network.

David, who was diagnosed with prostate cancer nearly two decades ago, is the executive vice president at Koch Industries.

The 78-year-old Wichita, Kansas native was diagnosed with prostate cancer in 1992 and has since undergone several rounds of treatments.

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.

The Koch brothers, David and Charles, are political activists and heavyweight donors behind a political network that has often favoured conservative politicians.


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.

He added: "David has never wanted anything for himself that he hasn't earned, as his sole desire has always been to contribute".

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. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success.

But Koch is perhaps better known for his work as an industrialist and his support for libertarian political causes.

Koch, who now lives in NY with his family, will continue to serve on some boards of organizations to which he has philanthropic ties. For instance, he provided $217 million to the Memorial Sloan Kettering Cancer Center, including $150 million for a new outpatient medical facility.

"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.

That's not to say Koch Industries is a golden boy for the social movement, while they have donated millions to the American Civil Liberties Union, the brothers have also spent money to deny climate change and they regularly attack unions and worker rights. According to Forbes, the company, which was founded in 1940, had $100 billion in revenue in 2017, making it the second-largest privately held American company.

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