David Koch, one of the two billionaire brothers at the helm of the powerful conservative political network in the United States, is retiring from his family's conglomerate, Koch Industries, and stepping down as chairman of the Americans for Prosperity Foundation.
David Koch will now become director emeritus at Koch Industries.
The 78-year-old NY resident is affected by deteriorating well being, in line with a letter that older brother Charles Koch despatched to firm officers Tuesday morning.
"In October 2016, David announced that, 'Over the summer I was hospitalized and I am now suffering from declining health...' Unfortunately, these issues have not been resolved and his health has continued to deteriorate". As a result, he is unable to be involved in business and other organizational activities. At recent twice-a-year gatherings for likeminded patrons of these groups, David Koch has been noticeably absent. He will continue to serve as the CEO of Koch Industries and the unofficial face of the network's political efforts. 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.
In 1980, Koch ran was the Libertarian Party's nominee for vice president, along with Ed Clark, its' presidential pick. The group, which aims to reform policy and politics in areas such as education and business, has spent hundreds of millions in past elections.
Yet the Kochs have clashed with the Trump administration at times. "Due to health reasons, David Koch will be resigning from the board of Americans for Prosperity Foundation", Mark Holden, who co-chairs the Seminar Network, said in a statement. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success. David Koch has given at least $1.3 billion of his fortune to charitable causes, including the David H. Koch Center for Cancer Care at New York's Memorial Sloan Kettering Cancer Center, the David H. Koch Cancer Research Building at Johns Hopkins University in Baltimore and the David H. Koch Theater, the Lincoln Center home for the New York City Ballet and the American Ballet Theatre.
The 6-foot-5 billionaire, who was a basketball star during his college days (his record for most points scored in a single game held for 46 years), survived a deadly airplane crash more than two decades ago.
"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. "David has all the time been a fighter and is coping with this problem in the identical means", he wrote.