Coca-Cola Co., the largest maker of soft drinks, said Evan Greenberg is stepping down from the board to focus on his duties as chief executive officer of insurer Chubb Ltd. In a press release he gave the Chubb acquisition as a major cause of the refocus
“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.” he said. " 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.”
Greenberg joined ACE in 2001 having left AIG ( then headed by his father) at the age of 45. By 2004 he was CEO and has overseen 15 major acquisitions. In 2010 a major purchase saw ACE become one of the US biggest crop insurers wile a 2013 purchase saw the insurer become one of the major auto insurers in Mexico. It’s not yet known whether Greenberg’s move is to help with the insurance giant’s digestion, or whether it’s still hungry.
The resignation is effective Oct. 1, Atlanta-based Coca-Cola said Monday in a statement distributed by Business Wire.