(Bloomberg) -- Coca-Cola Co., the largest maker of softdrinks, said Evan Greenberg is stepping down from the boardto focus on his duties as chairman and chief executive officer ofinsurer Chubb Ltd.
|Greenberg, 61, is resigning effective Oct. 1, Atlanta-basedCoca-Cola said Monday in a statement. He has been a director since2011.
|He built Ace Ltd. through takeovers and this year completed the purchase of Chubb Corp., takingon his former rival’s brand in a transaction that created theworld’s largest publicly traded property-casualty insurer.Greenberg was chairman of Coca-Cola’s audit committee, a role thatwill be handled by Ron Allen, the former CEO of furniture andappliance retailer Aaron’s Inc., according to a regulatory filing.The board held six meetings last year, and committees had 40gatherings.
|Related: Chubb says disasters cost $390 million, more thanprojected
|“Due to increasing demands on my time following a major recentacquisition by my company, I have decided to resign” from theCoca-Cola role, Greenberg said in the statement.
|Coca-Cola’s board is led by CEO Muhtar Kent and includes leadersfrom government and business such as former U.S. Senator Sam Nunnand Banco Santander SA Chairman Ana Botin. Howard Buffett, the sonof Berkshire Hathaway Inc. Chairman Warren Buffett, is also on thepanel. 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, saidPetro Kacur, a spokesman for Coca-Cola.
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