David Koch resigning from Koch Industries, political organizations

David Koch resigning from Koch Industries, political organizations

David Koch resigning from Koch Industries, political organizations

Billionaire David Koch is stepping down from leadership positions in his family's business and conservative political empire because of deteriorating health, his older brother told company employees in a letter Tuesday.

The 78-year-old NY resident is suffering from deteriorating health, according to a letter that older brother Charles Koch sent to company officials Tuesday morning.

David Koch had served as an executive vice president and a board member of Koch Industries, a Wichita, Kansas-based conglomerate with interests ranging from oil and ranching to farming and the manufacturing of electrical components.

David Koch was diagnosed with prostate cancer 25 years ago and was hospitalized in 2016.

Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in Upper Manhattan, New York May 5, 2014.

Citing concerns about Trump's style and substance, the network refused to endorse either presidential candidate in the 2016 election. In recent years, Charles Koch has been the face of the political machine that includes Americans for Prosperity, Concerned Veterans for America and the Libre Initiative. 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.

GOP's budget recipe about complete before going to Cooper
He said Democrats "genuinely want to work with you" and were frustrated to have been shut out of the budget-writing process. How likely is that to work and could that backfire on them? "We skipped a couple steps for expediency", Woodhouse said.

The Koch network has signaled its willingness to challenge the president on trade tariffs; has announced that it spend money to support a Democratic senator, Heidi Heitkamp of North Dakota, for backing a deregulation bill; and sent out mailers backing Democrats who stood with them on supporting a permanent fix for DREAMers, undocumented immigrants who entered the country as minors. "We greatly appreciate his vital role on the board and all that he has done to help us build a strong foundation for our future success".

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

David Koch, who now lives in NY, was raised in Wichita, Kansas. 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", said Mark Holden, a co-chairman. 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.

David Koch, along with his brother Charles, owns the second largest private US company, whose operations range from refining and chemicals to ranching and forest products.

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