The appointment of Buffett, 55, is effective immediately.
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
Coke shares were up 0.5 percent at $64.73 on the New York Stock Exchange.
(Reporting by Martinne Geller; Editing by Lisa Von Ahn)