Billionaire David Koch to retire from Koch Industries: CNBC

Billionaire David Koch to retire from Koch Industries: CNBC

(Reuters) - Billionaire industrialist David Koch is retiring from his role at Koch Industries and associated companies due to health reasons, CNBC reported on Tuesday, citing an internal memo.

FILE PHOTO: Businessman David Koch arrives at the Metropolitan Museum of Art Costume Institute Gala Benefit celebrating the opening of "Charles James: Beyond Fashion" in Upper Manhattan, New York May 5, 2014. REUTERS/Carlo Allegri/File Photo

David Koch, along with his 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 Koch will become director emeritus of Koch Industries, CNBC said.

The company was not immediately available for comment.

Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty

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Business

July 22, 2018