Buffett and Reinhard to step down from board of The Coca-Cola Co.
February 14, 2006
by FoodBusinessNews.net Staff
ATLANTA — Warren E. Buffett and J. Pedro Reinhard have informed the Coca-Cola Co. that they do not intend to stand for re-election to the board of directors at the upcoming annual meeting of shareowners.
Mr. Buffett said his decision was a consequence of the increased demands on his time resulting from Berkshire Hathaway’s acquisitions of new companies. He also said Berkshire Hathaway intends to retain its holdings of Coca-Cola stock.
"Leaving Coca-Cola is difficult, as it has been a privilege and a pleasure to serve on the board of this wonderful company," Mr. Buffett said. "Under Neville Isdell’s leadership, the company is implementing the right strategy to create value for its shareowners and realize the potential of the world’s greatest brand. I wish Neville, his leadership team and all the employees of this great enterprise every success as we move forward."
Both Mr. Buffett’s and Mr. Reinhard’s terms expire on April 19, at the company’s annual meeting of shareowners. The company has no immediate plans to fill the vacated board seats.