ATLANTA (AP) - Billionaire investor Warren Buffett will not stand for re-election to The Coca-Cola Co.'s board of directors, the world's biggest soft drink company said Tuesday.
Buffett, who has been on the board since 1989 and is one of the company's biggest shareholders, told Coke he made his decision because of increased demands on his time resulting from acquisitions by his holding company, Berkshire Hathaway Inc.
He said Berkshire Hathaway intends to retain its holdings of Coca-Cola stock, which regulatory filings show amounted to more than 200 million shares, or about 8.3 percent of the company's outstanding shares, as of last year.
Some shareholders have raised questions about Buffett sitting on the Coke board while some of the companies he owns do business with Coke.
http://news.moneycentral.msn.com/ticker/article.asp?Symbol=US:KO&Feed=AP&Date=20060214&ID=5504038
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