David Koch stepping down from Koch Industries

  • David Koch stepping down from Koch Industries

David Koch stepping down from Koch Industries

David Koch, executive vice president at Koch Industries, will become director emeritus.

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

Americans for Prosperity and the Libre Initiative are the other two Koch-sponsored organizations joining the campaign.

"David has always been a fighter and is dealing with this challenge in the same way", Charles Koch wrote in the memo dated June 4.

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, remains at the helm of the family's oil, chemical and textile conglomerate.

The prominent Republican donors control Koch Industries, the second-largest private company in the USA, which has an annual revenue of $115bn (£86bn).

The company said no decision had been made on David Kochs' replacement. Forbes estimates each brother has a wealth valued at $52 billion.

They are best known for their role in politics and using their fortune to inject millions into an array of foundations, think tanks and political groups to spread their small-government, free-market messages. Americans for Prosperity President Tim Phillips said. The group, which aims to reform policy and politics in areas such as education and business, has spent hundreds of millions in past elections. "Because of this, David will be retiring from his responsibilities at Koch and other organizations".

The Koch groups committed to plowing about $20 million into efforts to pass the successful $1.5 trillion tax overhaul and sell it to voters before November's midterm elections. His ticket, with Ed Clark, received just 1 percent of the popular vote.

Koch, 78, and his older brother, Charles, are the key drivers behind a juggernaut political network that has often favored conservative and libertarian politicians and policies, such as tax cuts.

Charles Koch will continue to serve as CEO of Koch Industries and the unofficial face of the network.

"Due to health reasons, David Koch will be resigning from the board of the AFP Foundation". Those gifts triggered some controversy. He is not expected to give up his stake in Koch Industries at this time.

According to the Koch Industries website, "to millions of Americans, the words "Koch brothers" and "political activism" go hand-in-hand".

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".

That year, the publicity-averse family began a television advertising campaign to defend their business brand and have since opened up portions of their donor retreats to reporters.