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Conservative icon David Koch leaving business, politics › Medicine Hat News

Conservative icon David Koch leaving business, politics › Medicine Hat News

David Koch, the billionaire industrialist who has donated countless millions to conservative causes, plans to retire from his leadership roles at Koch Industries and the so-called Koch network of wealthy right-leaning donors.

Along with stepping down from Koch Industries, Koch is also rolling back his responsibilities at the Seminar Network.

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.

The billionaire is 78 years old and was diagnosed with prostate cancer in 1992.

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.

An infusion of money into media, grassroots mobilization, lobbying and policy analysis into the domestic debate on free trade could embolden Republican candidates in the November congressional elections to part ways with the president on the issue.

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The Koch brothers, David and Charles, are political activists and heavyweight donors behind a political network that has often favoured conservative politicians. The group, which aims to reform policy and politics in areas such as education and business, has spent hundreds of millions in past elections.

After pointedly declining to support Donald Trump during the 2016 campaign, the Koch brothers chose to embrace pieces of the administration's policy agenda after he won the election. We greatly appreciate his vital role on the board & all that he has done to help build a strong foundation for our future success.

On the political side, officials confirmed David Koch would be stepping away, as well. 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". He has also given $185 million in total donations to the Massachusetts Institute of Technology, his alma mater.

David Koch, who now lives in NY, was raised in Wichita. David Koch has given at least $1.3 billion of his fortune to charitable causes, including the David H. Koch Center for Cancer Care at New York's Memorial Sloan Kettering Cancer Center, the David H. Koch Cancer Research Building at Johns Hopkins University in Baltimore and the David H. Koch Theater, the Lincoln Center home for the New York City Ballet and the American Ballet Theatre. It is the second largest privately-held company in the United States.

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.


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