David Koch to retire from Koch Industries due to poor health - memo

David Koch to retire from Koch Industries due to poor health - memo

His brother, Charles Koch, announced in a letter to Koch Industries employees on Tuesday that David Koch's health had been in decline since he was hospitalised last summer.

The groups said they would advocate that Trump reduce or eliminate trade barriers by modernizing the North American Free Trade Agreement (NAFTA) and returning to the negotiating table on the Trans Pacific Partnership (TPP).

He was diagnosed with prostate cancer 25 years ago, and he has given vast sums toward cancer research in the quarter century since then.

Charles Koch, who will stay on as chairman and chief executive of Koch Industries, said his brother was "instrumental" in expanding the business they inherited from their father "1,000 fold" and branching out beyond energy into a host of other products.

During the 2016 presidential campaign, however, the Kochs were rebuffed by Trump and indicated they would rather donate to his Democratic opponent, Hillary Clinton.

As Koch Industries' profile rose, so did David Koch's involvement in politics and philanthropy.

Through a constellation of aligned groups, the network still plans to spend between $300 million and $400 million on politics and policy during the 2018 election cycle.

Mexico targets Trumpland with new tariffs
Tariffs of up to 25 per cent were also imposed on steel products including plates, bars, rods and rolled steel. According to The Journal report, Liu personally delivered this warning to Ross.

Mark Holden, the chairman of Kochs' donor network, confirmed David Koch's resignation from Americans for Prosperity. They have, however, distanced themselves from and disagreed with President Trump on a variety of issues. Other non-political institutions to which he has made sizable contributions include the Massachusetts Institute of Technology, New York City Ballet's Lincoln Center, and the Metropolitan Museum of Art.

David Koch, who now lives in NY, was raised in Wichita, Kansas. He has focused many of his philanthropic efforts on finding a cure for prostate cancer, including with contributions of almost $600 million to medical research and institutions.

Citing concerns about Trump's style and substance, the network refused to endorse either presidential candidate in the 2016 election. His ticket, with Ed Clark, received just 1 percent of the popular vote.

In a statement Tuesday about Koch's departure, Holden said network officials "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". The firm, with annual revenue of $100 billion, operates pipelines and produces fertilizer but also manufactures everything from Dixie cups to Quilted Northern toilet paper.

Businessman, philanthropist, political activist, and chemical engineer David H. Koch is retiring from his position at Koch Industries due to poor health according to an internal memo obtained by Reuters.

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

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