Evan Greenberg to Depart Coca-Cola Board to Focus on Chubbby
Allen to replace Greenberg as chairman of audit committee
Resignation is effective Oct. 1 from soda-maker’s board
Coca-Cola Co., the largest maker of soft drinks, said Evan Greenberg is stepping down from the board to focus on his duties as chairman and chief executive officer of insurer Chubb Ltd.
Greenberg, 61, is resigning effective Oct. 1, Atlanta-based Coca-Cola said Monday in a statement. He has been a director since 2011.
He built Ace Ltd. through takeovers and this year completed the purchase of Chubb Corp., taking on his former rival’s brand in a transaction that created the world’s largest publicly traded property-casualty insurer. Greenberg was chairman of Coca-Cola’s audit committee, a role that will be handled by Ron Allen, the former CEO of furniture and appliance retailer Aaron’s Inc., according to a regulatory filing. The board held six meetings last year, and committees had 40 gatherings.
“Due to increasing demands on my time following a major recent acquisition by my company, I have decided to resign” from the Coca-Cola role, Greenberg said in the statement.
Coca-Cola’s board is led by CEO Muhtar Kent and includes leaders from government and business such as former U.S. Senator Sam Nunn and Banco Santander SA Chairman Ana Botin. Howard Buffett, the son of Berkshire Hathaway Inc. Chairman Warren Buffett, is also on the panel. Berkshire is the company’s largest shareholder. Greenberg’s father is Maurice “Hank” Greenberg, the former leader of insurer American International Group Inc.
The board determines whether a replacement will be named, said Petro Kacur, a spokesman for Coca-Cola.