Coca-Cola is a bit of a family tradition for the Buffetts of Omaha.
Coca-Cola Co.'s board of directors has elected Howard G. Buffett as a director, effective immediately. Buffett, 55, is the son of investor Warren Buffett, who sat on Coca-Cola's board from 1989 until 2006 and was widely regarded as one of its most powerful directors.
Howard Buffett is president of the Howard G. Buffett Foundation, a private foundation that supports humanitarian initiatives focused on agriculture, nutrition, water and conservation. He works on the boards of investment group Berkshire Hathaway Inc., which is Coca-Cola's largest shareholder and owns about 8.6 percent of the company.
Buffett is a director of a company that makes agricultural irrigation products and another that distributes John Deere agricultural equipment. He was on the board of Atlanta-based soft drinks bottler Coca-Cola Enterprises for 10 years.
"We are delighted to welcome Howard to our board," said Muhtar Kent, chairman and chief executive of Coca-Cola. Kent cited Buffett's perspective on sustainability, knowledge of Coke's bottling business and experience on the boards of public companies.
Coca-Cola also plans to name a replacement for director Cathleen P. Black, who has resigned effective Dec. 31. Black has been designated as the next chancellor of New York City schools. Buffett is scheduled to stand for a one-year term at Coke's shareholders' meeting next year.
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