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.
The board determines whether a replacement will be named, said Petro Kacur, a spokesman for Coca-Cola.
Source: Bloomberg