Billionaire David Koch to retire from Koch Industries, political network

Citing health issues, billionaire David Koch, 78, will step down from his roles at Koch Industries and the political activism network he runs with his brother, Charles Koch.

"Unfortunately, these issues have not been resolved, and his health has continued to deteriorate," Charles wrote in a letter sent to Koch Industries employees Tuesday. "As a result, he is unable to be involved in business and other organizational activities." Charles praised David's "guidance and loyalty, especially in our most troubling times."

This news comes just one day after the Kochs' political network announced a major new campaign against President Trump's tariffs. Long reviled on the left for their economic policy, in recent years the Kochs have made allies on both sides of the aisle on issues like immigration and criminal justice reform.

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Koch Industries is the second-largest private company in the United States. David Koch will be named director emeritus.