Washington (CNN) Billionaire Republican megadonor David Koch is stepping down from his roles at Koch Industries, the Americans for Prosperity Foundation, and other organizations, according to announcements on Tuesday. In a letter to all employees of Koch Industries sent Tuesday, David's brother Charles Koch, who serves as chairman and CEO of Koch Industries, said that issues that led to a 2016 hospitalization have not been resolved, and David's "health has continued to deteriorate." Because of this, David will be retiring from his responsibilities at Koch and other organizations," the letter states. Outside of Koch Industries, the brothers are deeply involved in philanthropy and politics, bolstering conservative organizations that include the Americans for Prosperity Foundation, Freedom Partners, and the Cato Institute. Following the Koch Industries announcement, Americans for Prosperity Foundation announced that David, 78, would be resigning from its board.

Source: CNN June 05, 2018 14:48 UTC