Coca Cola (KO) Says Evan G. Greenberg to Resign from Board of Directors

September 26, 2016 1:01 PM EDT

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The Coca-Cola Company said today that Evan G. Greenberg, 61, has informed the Company that he will resign from the Company’s Board of Directors, effective Oct. 1, 2016. Greenberg said his decision was based on increased demands on his time resulting from an acquisition by his company earlier this year to create Chubb Limited, of which he is now the Chairman and Chief Executive Officer.

Greenberg commented: “Due to increasing demands on my time following a major recent acquisition by my company, I have decided to resign from The Coca-Cola Company’s Board of Directors to devote my full attention to my expanded business commitments as Chairman and CEO of Chubb Limited. I have enjoyed the opportunity of serving on the board over the past few years and believe the Company has strong plans in place for the future. I have every confidence in the Company’s leadership and wish Muhtar Kent and James Quincey well as they build an exciting future for the Company and its many stakeholders.”

Muhtar Kent, Chairman and Chief Executive Officer, The Coca-Cola Company, said: “On behalf of everyone at Coca-Cola, I want to thank Evan for his leadership and service to our board. We have benefitted greatly from Evan’s deep experience and perspective, and we wish him every success as he dedicates his time to leading Chubb’s business into the future.”

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