12/15/2011 11:19 pm ET

Daley Joins Coca-Cola's Board Of Directors

In an unexpected new career move, former Chicago Mayor Richard M. Daley announced Thursday that he had been appointed to the board of directors of Coca-Cola Co., and would serve on the company's Committee on Directors and Corporate Governance.

Daley, 69, retired from his position in May after 22 years at the city's helm. He currently serves as counsel at Katten Muchin Rosenmann LLP, a Chicago law firm, and as the managing principal of Tur Partners LLC, an investment and advisory firm.

"Mr. Daley brings significant public policy expertise and experience in creating sustainable growth opportunities for businesses and communities to our company," Coca-Cola Chairman and CEO Muhtar Kent said in a news release. "His experience and insights will be invaluable as we continue to work to grow our business and invest in the fabric of the communities we serve."

In his new position as a non-employee director, which Coca-Cola said would be effective immediately, Daley will earn about $175,000 a year in compensation, the Chicago Tribune reports. About $125,000 will be in deferred stock units and the remaining $50,000 will be paid out in cash.

The company also announced plans to develop plant-based plastic bottles and packaging Thursday, according to Bloomberg Businessweek.