(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.
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 here
The company was not immediately available for comment.
Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty