Heavyweight political donor David Koch to retire from Koch Industries

Last week Trump imposed steep tariffs on foreign aluminium and steel prompting retaliatory moves from Canada Mexico and the EU

Last week Trump imposed steep tariffs on foreign aluminium and steel prompting retaliatory moves from Canada Mexico and the EU

On Tuesday, Charles wrote to the indstry employees that 78-year-old Dabi Koch is retiring due to his declining health.

Billionaire industrialist Charles Koch on Tuesday announced his brother David Koch is stepping away from a day-to-day role with the family's business for health reasons and is expected to take similar steps to unwind his involvement with the advocacy machine the Kochs have used to shape American politics.

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.

Charles Koch, 82 said he is "deeply saddened" by his brother's retirement, adding that "David has always been a fighter and is dealing with this challenge in the same way".

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

Mark Holden, who has spent a career at Koch Industries and now helps run their political efforts, said in an email the Koch network will continue to expand even as one of its founders steps aside.

The tariff decision elicited outcries from allies overseas and domestic business groups - but arguably none more influential among conservatives than the Koch network.

Canada hits United States with billions in retaliatory tariffs in steel row
The White House said in a statement that the steel and aluminum tariffs have already had a positive effects on workers and jobs. The administration's actions drew fire from Europe, Canada and Mexico and promises to quickly retaliate against US exports.

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 Koch is a prostate cancer survivor and donated hundreds of millions of dollars to cancer research and medical facilities over the years.

On Monday, the Koch network announced a multi-million-dollar campaign to oppose Trump's tariffs and highlight the benefit of free trade. Their network has promised to spend $400 million to shape the 2018 midterm elections.

David Koch will now become director emeritus at Koch Industries.

David Koch's departure comes at a pivotal time for one of the most active and well-funded political forces in the country.

David Koch made his own foray into politics decades ago, waging an unsuccessful bid as the Libertarian Party's vice presidential candidate in 1980 with Ed Clark.

"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", Holden said. The money has come through personal gifts and the David H. Koch Foundation. 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. According to Forbes, the company, which was founded in 1940, had $100 billion in revenue in 2017, making it the second-largest privately held American company.