David Koch Steps Down From Family Business, Political Work

Americans for Prosperity Foundation Chairman David Koch speaks in Orlando Fla. Koch is stepping down from the Koch brothers network of business and political activities. The 78-year-old cited health reasons in

Americans for Prosperity Foundation Chairman David Koch speaks in Orlando Fla. Koch is stepping down from the Koch brothers network of business and political activities. The 78-year-old cited health reasons in

After building a powerful conservative political network with his brother, Charles, David Koch is now stepping down from his family's conglomerate and his leadership of Americans for Prosperity, the network's signature political organization.

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

Baxter also said he had no doubt that the network will continue to thrive without David Koch. David, who has an estimated net worth of $52 billion, will take on the title of director emeritus after his retirement.

While Charles Koch has remained in the family's hometown of Wichita, David Koch is a prominent figure in NY, where he has been a big contributor to Memorial Sloan Kettering Cancer Center and a leading arts patron.

David ran as a Libertarian candidate for president in 1980, and together the Koch brothers made large contributions to the Republican Party in 2010, facilitating the party's rise in the House of Representatives in that year's elections.

David Koch's departure will change the makeup of one of the most active and well-funded political forces in the country that has been a bulwark in not just supporting but setting the Republican agenda - although not necessarily President Donald Trump's. About how his brother is dealing with his illness, Charles said, "David has always been a fighter and is dealing with this challenge in the same way".

Facebook faces new regulatory backlash over data privacy
He stated that if a user does not want their data shared with a third-party company, all they have to do is opt-out. There's no evidence that anyone at any of these companies abused their access to Facebook user data.

On Monday, the Koch network announced a multi-million-dollar campaign to oppose Trump's tariffs and highlight the benefit of free trade.

David Koch, 78, did not attend the network's winter seminar earlier this year.

The network, which includes about 700 like-minded donors who commit to giving at least $100,000 a year, plans to spend $400 million in policy and politics before the 2018 elections, the group's largest midterm investment. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success.

Koch, who now lives in NY with his family, will continue to serve on some boards of organizations to which he has philanthropic ties. He has also given $185 million in total donations to the Massachusetts Institute of Technology, his alma mater. He provided $217 million to the Memorial Sloan Kettering Cancer Center, including $150 million for a new outpatient medical facility.

At Koch Industries, David has served as executive vice president and board member at the company that has a current value of $100 billion. Their influence has largely been powered by a fortune centered on Koch Industries, the second-largest privately held company in the United States, whose operations range from refining and chemicals to ranching and forest products.

"Due to health reasons, David Koch will be resigning from the board of the AFP Foundation".

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