Berkshire's Buffett says son serves Coca-Cola shareholders - CNBC
NEW YORK, April 29
NEW YORK, April 29 (Reuters) - Berkshire Hathaway (BRKa.N) Chairman and Chief Executive Warren Buffett said Tuesday that his son, Howard Buffett, served Coca-Cola shareholders and not Berkshire on the beverage maker's board.
"He is there to represent Coca-Cola shareholders, not to represent Berkshire Hathaway," the billionaire investor told CNBC with regard to his son's role on Coca-Cola's board of directors.
Buffett told CNBC on April 23 that he thought Coca-Cola's controversial equity compensation plan was excessive, but that Berkshire Hathaway abstained in a shareholders vote.
In reference to the equity compensation plan, Buffett said that he had spoken to Coca-Cola chief executive Muhtar Kent "multiple times" and spoke to his son Howard "very briefly."
As of Dec. 31, Berkshire owned 400 million shares of the company, just over 9 percent of the shares outstanding.
Berkshire will hold its annual meeting in Omaha, Nebraska on May 3. Tens of thousands of people flock to the gathering every year to hear Buffett and Vice Chairman Charlie Munger answer hours of questions about the company's future.
(Reporting by Sam Forgione; Editing by Bernadette Baum)
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- World's oldest joke traced back to 1900 BC
- French warplanes search Mali desert for crashed Air Algerie plane |
- Crunch time for Gaza truce talks as death toll passes 800 |
- Wreckage of Air Algerie plane carrying 116 people found in Mali |