Billionaire investor Warren Buffett will step down as a director of Coca-Cola Co. this year after 17 years on the board, the world's largest soft-drink maker said on Tuesday.

Both Buffett and J. Pedro Reinhard have told Coca-Cola that they do not plan to seek reelection to the board at the upcoming annual shareholders meeting. Buffett, who owns about 8.3 percent of Coca-Cola shares and has been on the board since 1989, cited increased demands on his time due to Berkshire Hathaway Inc.'s acquisitions of companies

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