ALLEN Career Institute
David Hamilton Koch (born May 3, 1940) is an American businessman, philanthropist, political activist, and chemical engineer. He joined the family business Koch Industries, the second-largest privately held company in the United States, in 1970. He became president of the subsidiary Koch Engineering in 1979, and became a co-owner of Koch Industries, with older brother Charles, in 1983, and served as an executive vice president until his retirement in 2018. Upon retirement in June 2018 due to health issues, Koch received the title of Director Emeritus. Koch is an influential libertarian. He was the 1980 candidate for Vice President of the United States from the United States Libertarian Party and helped finance the campaign. He founded Citizens for a Sound Economy. He and his brother Charles have donated to political advocacy groups and to political campaigns, almost entirely Republican. As of June 2018, he was ranked as the 12th-richest person in the world, (tied with his brother Charles), with a fortune of $50.7 billion.
Career at Koch Industries
In 1970, Koch joined Koch Industries under his brother Charles, to work as a technical-services manager. He founded the company’s New York office and in 1979 he became the president of his own division, Koch Engineering, renamed Chemical Technology Group. In 1985, Koch Industries was sued by Bill Koch and Frederick R. Koch for the first time in a long series of lawsuits about ownership, that lasted until 2001. As of 2010, David Koch owned 42 percent of Koch Industries, as does his brother Charles. He holds 4 U.S patents. On June 5, 2018, the company announced his retirement from the company due to declining health issues.
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