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

Last week Trump imposed steep tariffs on foreign aluminium and steel prompting retaliatory moves from Canada Mexico and the EU

Last week Trump imposed steep tariffs on foreign aluminium and steel prompting retaliatory moves from Canada Mexico and the EU

In October 2016, David Koch had announced to employees that his health was declining and he had been hospitalized over the summer. "Because of this, David will be retiring from his responsibilities at Koch and other organizations", the letter states.

He and his foundation have been in the forefront of spearheading research and treatment of prostate cancer and he is a board member of the Prostate Cancer Foundation. The money has come through personal gifts and the David H. Koch Foundation. Koch Industries is the second largest privately held company in America, with revenue of $100 billion in 2017, according to Forbes. David, who has an estimated net worth of $52 billion, will take on the title of director emeritus after his retirement.

Chairman of the board of Americans for Prosperity David Koch speaks at the Defending the American Dream summit at the Greater Columbus Convention Center in Columbus, Ohio, Aug. 21, 2015.

Charles and David Koch's company has interests ranging from pipelines to paper towels.

David Koch's departure comes at a pivotal time for one of the most active and well-funded political forces in the country.

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"We are deeply saddened by this, and will miss David's insightful questions and his many contributions to Koch Industries, "Charles Koch wrote about his 78-year-old brother".

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.

The tariff decision elicited outcries from allies overseas and domestic business groups - but arguably none more influential among conservatives than the Koch network.

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. By contrast, the Koch network spent more than $120 million in the unsuccessful 2012 effort to defeat President Barack Obama.

The Washington Post spoke with Mark Holden at AFP, who said by email that David has been "vital" to the organization's board, but that "the Koch network will continue its plans to expand". When Harry Reid was Senate majority leader, the Nevada Democrat routinely railed against the duo in the run-up to the 2014 midterm elections as "power-drunk billionaires" intent on buying American elections to suit their purposes. 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.

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