Charles Koch facts for kids
Quick facts for kids
Charles Koch
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Koch in 2019
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Charles de Ganahl Koch
November 1, 1935 Wichita, Kansas, U.S.
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| Education | Massachusetts Institute of Technology (BS, MS, MS) |
| Occupation | Businessman |
| Employer | Koch Industries |
| Title | Chairman and CEO of Koch Industries |
| Political party | Libertarian |
| Spouse(s) |
Liz Koch
(m. 1972) |
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Charles de Ganahl Koch (born November 1, 1935) is an American businessman and one of the richest people in the world. He is the co-owner, chairman, and chief executive officer (CEO) of Koch Industries. This company is one of the largest privately owned businesses in the United States.
Charles Koch and his late brother, David Koch, inherited the business from their father, Fred C. Koch. They then helped it grow much bigger. Besides his business, Charles Koch supports many groups that promote ideas about freedom and less government involvement. He also gives money to political parties and charities. He has written several books about his business ideas.
Contents
Early Life and Education
Charles Koch was born in Wichita, Kansas, where he still lives. He is one of four sons of Fred Chase Koch and Clementine Mary Koch. His grandfather, Harry Koch, was an immigrant from the Netherlands. He started a newspaper and helped create a railway company.
Even though his family was wealthy, Charles Koch said his father wanted him to work hard. He said his father wanted him to "work as if I was the poorest person in the world." Charles went to several private high schools. Later, he studied at the Massachusetts Institute of Technology (MIT). He earned degrees in engineering, including Nuclear Engineering and Chemical Engineering. He focused on how to make oil better.
After college, Koch worked at a company called Arthur D. Little, Inc.
Career and Business Growth
In 1961, Charles Koch returned to Wichita to join his father's company. It was called Rock Island Oil & Refining Company back then. In 1967, he became the president of the company. He then changed its name to Koch Industries to honor his father.
Charles's brothers, Frederick and Bill, also owned parts of Koch Industries. In 1983, after some disagreements, Charles and his younger brother David bought out their brothers' shares. Charles and David became the main owners of the company.
Under Charles Koch's leadership, Koch Industries grew a lot. It became a very large company with many different businesses. Charles was known for working long hours, even on weekends. He expected his team leaders to work hard too.
Charles Koch is also a director for other companies. These include Invista, which makes resins and fibers, and Georgia-Pacific, which makes paper products. He also helped start several important organizations. These include the Cato Institute, the Institute for Humane Studies, and the Mercatus Center at George Mason University.
Ideas About Politics and Money
Charles Koch describes himself as a "classical liberal." This means he believes in ideas like individual freedom and limited government. He wants the government to have a smaller role in people's lives and in the economy. He thinks that too much government control can hurt freedom and prosperity.
He believes that businesses should not get special help from the government. He once said, "The first thing we've got to get rid of is business welfare and entitlements." He also thinks that too many government rules can make it harder for businesses to succeed.
Koch's business ideas are called "market-based management" (MBM). He wrote a book about it called The Science of Success. This idea uses principles from how markets work to help run a company. It focuses on using the knowledge of all employees. It also looks at how decisions are made and how people are rewarded.
Helping Others and Political Actions
Charles Koch supports many groups that promote his ideas. These groups focus on free markets and individual liberty. He has given a lot of money to academic research and public policy organizations.
He has been on the board of the Institute for Humane Studies since 1966. This group helps students and professionals who are interested in ideas about freedom. The Charles G. Koch Foundation also supports many universities. These programs study how free societies work and how economic freedom can help people.
In 1977, he helped start the Cato Institute, which is a well-known research group. He has been recognized as one of the top givers in America. He received an honorary degree from George Mason University for his financial support.
Koch's giving also focuses on helping young people. He supports programs that teach business skills to at-risk youth. He also helps groups that educate people about the Bill of Rights.
Views on Climate Change
Charles Koch believes that the Earth's climate is changing because of human activities. However, he thinks that private companies and new technologies, not government rules, are the best way to solve this problem. He believes that businesses can find ways to lower pollution while also becoming more efficient.
He has supported organizations that disagree with some environmental rules. He believes that these rules can hurt the economy. He has also funded scientific projects that study Earth's temperatures.
Working for Justice
Charles Koch has worked with different groups to improve the justice system. He believes the current system can be unfair, especially to people with lower incomes. He supports ideas like reducing the number of people who return to prison after being released. He also wants to make it easier for people who have been in prison to find jobs. He has worked with groups like the ACLU on these issues.
In 2016, he wrote an article where he agreed with Senator Bernie Sanders on some points. He agreed that government help for businesses and the large number of people in prison are unfair.
Sports and Culture Support
Charles Koch and his family have also supported sports and cultural activities. In 2002, Koch Industries gave money to renovate the basketball arena at Wichita State University. It was then named the Charles Koch Arena. The Koch family has continued to be a big supporter of the university and its sports programs.
Through the Koch Cultural Trust, started by his wife Elizabeth, the Koch family helps artists. They have given money to promising artists from Kansas in many different fields.
Personal Life
Charles Koch has been married to his wife Liz since 1972. They have two children, Chase Koch and Elizabeth Koch. Charles and his three brothers have all had prostate cancer.
Charles Koch usually keeps a low profile and does not often give interviews to the media. In 2011, Time magazine named Charles and David Koch among the most influential people. They were recognized for their business success and their support for free-market ideas. Charles Koch lives in Wichita, Kansas, and also has homes in California and Colorado.
Awards and Honors
Charles Koch has received many awards and honors for his work and support. Some of these include:
- Honorary Doctor of Science from George Mason University
- Honorary Doctor of Commerce from Washburn University
- President's Medal from Wichita State University
- The Adam Smith Award from the American Legislative Exchange Council
- The Spirit of Justice Award from The Heritage Foundation
- The Entrepreneurial Leadership Award
- The Brotherhood/Sisterhood Award from the National Conference of Christians and Jews
- The Distinguished Citizen Award from the Boy Scouts of America
- Induction into the Kansas Oil and Gas Hall of Fame
- Induction into the Wichita and Kansas Business Halls of Fame
- The 2011 William E. Simon Prize for Philanthropic Leadership
- The 2011 Defender of Justice award
Images for kids
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Charles Koch's signature
See also
- Charles Koch Institute
- The World's Billionaires
- Quincy Institute for Responsible Statecraft
