Billionaire industrialist and political megadonor David Koch, who helped oversee Koch Industries with older brother Charles Koch, is stepping down from his position as executive vice president and board member of the $100 billion (sales) conglomerate due to deteriorating health. He was hospitalized in the summer of 2016 and the issues have not been resolved, according to a June 4th memo that Charles Koch sent to employees. “Because of this, David will be retiring from his responsibilities at Koch and other organizations.”An engineer by training, Koch has led Koch Industries subsidiary Koch Chemical Technology Group since he joined the family business in 1970. As Koch Industries’ profile rose, so did David Koch’s involvement in politics and philanthropy. Along with stepping down from Koch Industries, Koch is also rolling back his responsibilities at the Seminar Network.

Source: Forbes June 05, 2018 21:11 UTC