The appointment of Buffett, 55, is effective immediately.
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Buffett is president of the Howard G. Buffett Foundation, a private entity that supports humanitarian efforts focused on agriculture, nutrition, water and conservation.
He is also on the board of Berkshire Hathaway, the investment holding company run by his father, who was on the Coke board for many years, until stepping down in 2006. Berkshire Hathaway is Coke's largest shareholder.
Coke shares were up 0.5% at $64.73 on the New York Stock Exchange.