David Koch Steps Down From Family Business, Political Work

RTR3NWXJ

Koch is leaving for health reasons, according to an internal Koch Industries memo obtained byCNBC The 78-year-old business tycoon was diagnosed with prostate cancer more than two decades ago and his health has been deteriorating.

After building a powerful conservative political network with his brother, Charles, David Koch is now stepping down from his family's conglomerate and his leadership of Americans for Prosperity, the network's signature political organization.

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

Charles Koch, who will stay on as chairman and chief executive of Koch Industries, said his brother was "instrumental" in expanding the business they inherited from their father "1,000 fold" and branching out beyond energy into a host of other products. Two of his lieutenants - Koch Industries' lead attorney Mark Holden and Brian Hooks, who runs the Charles Koch Foundation - have taken higher-profile roles in guiding the network's activities in recent years.

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

Anti-plastic crusader begins epic 9000km swim across Pacific Ocean
More than two dozen scientific organisations, medical and oceanographic, will benefit from the data gathered during the expedition.

Amazon Wins U.K. Broadcast Rights to Premier League
Defending Premier League champions Manchester City will feature on streaming service Amazon Prime Video next season. The Premier League have also released details of the rights deals for the Republic of Ireland.

100 firefighters tackle blaze at London's Mandarin Oriental
Singer Robbie Williams was among guests seen fleeing the building after firefighters were called shortly before 4pm. More than 40 calls about the fire have been made since just before 4pm this afternoon, the brigade added.

Koch didn't run for office again, but has become an influential figure in Republican circles through his backing of the Seminar Network, a network of donors and organizations cofounded by Charles in 2003. 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.

Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala 2015 celebrating the opening of "China: Through the Looking Glass", in Manhattan, New York May 4, 2015. Charles Koch, 82, has appeared in recent months to pick up some of the slack left over by his brother's illness.

Through a constellation of aligned groups, the network still plans to spend between $300 million and $400 million on politics and policy during the 2018 election cycle. It is the second largest privately-held company in the United States.

In contrast they spent $120m on the unsuccessful 2012 effort to topple Barack Obama. He is not expected to give up his stake in Koch Industries at this time. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success.

"What is un-American is when shadowy billionaires pour unlimited money into our democracy to rig the system to benefit themselves and the wealthiest one percent. the Koch brothers seem to believe in an America where the system is rigged to benefit the very wealthy", then-Senate Majority Leader Harry Reid said during a floor speech in 2014.

Related news:

Hot News

isis-killer-beheading-video-story-top Kate Spade 'Obsessed' Over Robin Williams' Death
Jun 08, 2018 - 04:24
On behalf of the CFDA, CEO Steven Kolb and designer Diane von Furstenberg released a statement to say they felt "devastated". "Kate suffered from depression and anxiety for many years", the statement said. "And it clearly wasn't her".

Trump, Trudeau Have 'Truly Warm' Friendship Despite Report Of Tense Call: Freeland
Jun 08, 2018 - 03:55
Trudeau described the tariffs as " unilateral and illegal " and the national security pretext as "risible". Canada's Minister of Foreign Affairs Chrystia Freeland questioned the Trump administration's move on CNN .

isis-killer-beheading-video-story-top China’s ZTE will pay $1B fine in deal with US
Jun 08, 2018 - 03:47
The company paid $892 million in fines, with an additional $300 million suspended to encourage compliance with the settlement. Shares in NXP Semiconductors NV rose 3.8 per cent in early trading in NY after news of the ZTE deal was announced.

isis-killer-beheading-video-story-top Putin, Trump 'Regularly Talk' Over the Phone
Jun 08, 2018 - 03:44
The Russian economy has rebounded, however, and Putin emphasised that lifting the sanctions would answer common interests. He added, however, that he could pull them out of the country quickly if necessary.

isis-killer-beheading-video-story-top Dominic Thiem ready for 'legendary' match against Alex Zverev in Paris
Jun 08, 2018 - 03:06
I think for me it's time to move on to make a great step, because I'm turning 25. "I'm not that young anymore. No. 10 seed Sloane Stephens awaits the victor in the quarterfinals after downing Anett Kontaveit 6-2, 6-0.

Canada, France forge united front ahead of G7 summit with Trump
Jun 08, 2018 - 03:02
The EU trade surplus with the U.S.is $151 Billion, and Canada keeps our farmers and others out. Bush is no longer the dumbest person we've ever had serving as president of the United States.

isis-killer-beheading-video-story-top Tactical change helps Halep reach French Open semis
Jun 08, 2018 - 02:27
Halep was my pick to win the French Open , and I truly hope she finally gets the money off her back. Sharapova, 31, was broken in the opening game of the second set which she immediately retrieved.

isis-killer-beheading-video-story-top Intel's limited edition Core i7-8086K can hit 5GHz without overclocking
Jun 07, 2018 - 05:43
The 8086K slots into a 300-series motherboard, and being an unlocked SKU, you'll be able to overclock it beyond 5GHz. We'll know those details later this year-Intel is aiming to ship the new part sometime in the fourth quarter.

President Trump holds White House celebration without Eagles, man kneels during anthem
Jun 07, 2018 - 05:30
Jenkins also tweeted photos of the signs. "We have a great group of players, a great team, a great organization in a great city". Garafolo said two other unnamed players were considering attending as well. "Maybe it's about time that we understood".

isis-killer-beheading-video-story-top Trump could pardon himself over Russian Federation but won't: Giuliani
Jun 07, 2018 - 05:28
So the issue of whether a president can pardon themselves is matter of interpretation because no president has tried to do it. Giuliani said Monday that he only agreed with "70, 80 percent" of the January letter.

isis-killer-beheading-video-story-top Sonos introduces ‘Beam’ sound bar with AirPlay 2, Siri and Alexa control
Jun 07, 2018 - 04:20
The sound bar also offers support for Apple's recently introduced AirPlay 2 audio streaming protocol and control with Siri. The device will ship globally starting July 17 and is available for pre-order today on the Sonos website.

isis-killer-beheading-video-story-top President Trump Commutes Alice Marie Johnson's Life Sentence
Jun 07, 2018 - 04:20
Kim Kardashian West tweeted about a conversation she had with Johnson Wednesday morning after the president commuted her sentence. About a month before the meeting West praised Trump in a tweet, claiming that he and the president "are both dragon energy".

isis-killer-beheading-video-story-top Moving on already? Kendall Jenner kissed Anwar Hadid amid Ben Simmons ‘relationship’
Jun 07, 2018 - 03:14
If Kendall Jenner and National Basketball Association star Ben Simmons really are dating, I guess they're not serious at all. The NBA player appears to have officially moved on with Kendall Jenner .

isis-killer-beheading-video-story-top Here are some of the biggest announcements from Apple WWDC 2018
Jun 07, 2018 - 03:09
The macOS Mojave release date is scheduled for this fall, most likely in September or October, and as usual will be a free update. It also has metadata support which is displayed in the Preview pane so you can quickly see important details of a photo .

isis-killer-beheading-video-story-top First lady to attend Trump’s hurricane briefing Wednesday
Jun 07, 2018 - 02:55
Concern has been growing for US President Donald Trump's wife as her absence from public appearances became very noticeable. Her last appearance in an official capacity was on May 10, welcoming back three Americans imprisoned by North Korea.