Billionaire industrialist, donor and political activist David Koch (78) will retire from his roles at Koch Industries and other Koch-affiliated groups due to health reasons, according to an internal memo obtained by CNBC.
Koch, executive vice president at Koch Industries, will become director emeritus.
In the memo to Koch Industries employees, Charles Koch said his brother's health has continued to deteriorate.
"His guidance and loyalty, especially in our most troubled times, has been
unwavering," the 82-year-old brother wrote.
He will be resigning from Koch related political affiliates also.
"Due to health reasons, David Koch will be resigning from the board of Americans for Prosperity Foundation," said Mark Holden, co-chairman of the Koch-backed Seminar Network. "We 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. We wish him and his family well."
Koch was the 1980 candidate for Vice President of the United States on the Libertarian Party ticket. It was a way to get around campaign finance laws that prevented large campaign donations by outsiders. He donated $100,000 a month during the campaign.
As of March 2018, he was ranked as the 6th-richest person in the world, (tied with his brother Charles), with a fortune of $60.8 billion.
-RW
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