Seventeenth Spot: Charles Koch
Charles de Ganahl Koch (born November 1,
1935) is chairman of the board and chief executive officer of
Koch Industries, Inc., the largest privately held company by
revenue in the U.S.
Koch was born and lives in Wichita, Kansas, one
of four sons of Fred C. and Mary Robinson Koch. Koch and his
wife, Liz, have two children, Elizabeth and Chase. As of 2009
his worth is approximately $14 billion
Fortune |
Business |
Country |
Status |
14 Billion |
Manufacturing |
USA |
Married, 2 children |
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Koch's academic life was spent at the
Massachusetts Institute of Technology. In 1957, he received
a bachelor's degree in general engineering. He also received
a master's degree in mechanical engineering in 1958 and a
masters degree in chemical engineering in 1960.
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From 1961, when Koch went to work at his
father's business, through 2006, the value of the Standard &
Poor's 500 grew about 110-fold, assuming the reinvestment of
dividends. During that same period, the value of Koch
Industries grew nearly 2,000-fold, using the same
assumptions. The growth of Koch companies has been achieved
both through acquisitions and through expansion and
broadening of existing businesses. Koch companies also exit
or decrease their investments in businesses based on a
continuous evaluation process that compares their internal
value to their market value.
Much of Koch Industries' success can be traced to the oil
industry and Charles Koch's interest in and commitment to
scientific and social progress, which led to the development
and implementation of the Market-Based Management business
philosophy. The concepts and practice of MBM are described
in Koch’s book, Science of Success: How Market-Based
Management Built the World’s Largest Private Company,
published in March 2007. (wiki)
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