Conservative billionaire industrialist David Koch is retiring from his roles at Koch Industries and associated companies due to poor health, according to an internal memo seen by Reuters.
David Koch, 78, along with his elder brother Charles, owns the second largest private U.S. company, whose operations range from refining and chemicals to ranching and forest products.
The brothers are known to spend heavily on conservative initiatives and to oppose government intervention in business.
David, who was diagnosed with prostate cancer almost two decades ago, is the executive vice president at Koch Industries. The brothers have donated several millions to doctors and researchers working towards a cancer cure.
“David has always been a fighter and is dealing with this challenge in the same way,” Charles Koch wrote in the memo dated June 4.
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