Charles Koch Of Koch Industries Hates Cronyism – Gives Son Top Job
CHARLES de Ganahl Koch is an American businessman and philanthropist. He is co-owner, chairman of the board, and chief executive officer of Koch Industries.
In 2010, he told the Wall Street Journal: “Corporate Cronyism Harms America.”
You name it, in every industry we have this. The successful companies try to keep the new entrants down. Now that’s great for a company like ours. We make more money that way because we have less competition and less innovation. But for the country as a whole, it’s horrible. And for disadvantaged people trying to get started, it’s unconscionable in my view. I think it’s in our long-term interest, in every American’s long-term interest, to fight against this cronyism.
Koch hates cronyism. He hates unfairness.
To which the WBJ’s Daniel McCoy asks:
Your son Chase is the new president at Koch Fertilizer. How do you see his role in the company expanding and is there a succession plan in place?
As a crony? Koch farts out an answer:
I see his role as doing what he can do, given his comparative advantages, that contributes the most to the company. That’s how he got where he is. It wasn’t that I pushed him. In fact, I challenged everything, (asked) is he the best person for it? For us to be successful here we have to have a meritocracy. We have to have the person who can create the most value in each position. So every step, he’s done it on his own. And what he does in the future will be guided by that same philosophy.
File under: beyond parody.