Coca-Cola Co. announced it elected Howard G. Buffett, the son of U.S. billionaire philanthropist and investor Warren Buffett, as a director of the soda maker, effective today.
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Howard Buffett already serves on several company boards, including his father’s investment holding company, Berkshire Hathaway Inc. (BRKA, BRKB). The 55-year-old has also served for 10 years as director of Coca-Cola Enterprises Inc., which is now Coke’s third largest independent bottler after recently selling its North American operations to Coke.
Berkshire is the largest shareholder of Coca-Cola, and Warren Buffett was a 17-year director before stepping down in 2006. The addition of Howard Buffett comes as Coke hopes to reinvigorate its North American soft-drink business, which has been hurt by tepid sales in recent years. Weak consumer spending put added pressure on the industry in the recession, but Coke and rival PepsiCo Inc. have seen some improvement in the U.S. as they invest in marketing and new product launches.
In addition to his service on corporate boards, Buffett has served in elected office in Nebraska and serves on a number of nonprofit boards.
Shares of Coca-Cola were up 0.5% to $64.70 in recent trading.
