Following the tragic death of Cafe Coffee Day Group founder V G Siddhartha, Coffee Day Enterprises Ltd has now appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane as an interim chief operating officer of the company.
The company board constituted an executive committee comprising SV Ranganath (non-executive independent director), Nitin Bagmane (COO) and R Ram Mohan (CFO) to exercise the powers previously vested with the CEO of the company and the administrative committee constituted by the Board in 2015.
The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same. The executive committee will, inter alia, explore opportunities to deleverage the Coffee Day Group, the company told stock exchanges.
The company said its board has also taken note of a message from Malavika Hegde, expressing support and trust in the company’s professional team and the common effort to look after the interest of the employees and all other stakeholders.
“The Board noted with profound regrets the tragic demise of Mr. V. G. Siddhartha and his matchless energy, vision and business acumen which helped to single-handedly build the Company. The Board expressed its condolences to Mr. V. G. Siddhartha’s family and resolved to lend its support and expressed full confidence in the Company’s management team,” stated the statement from the Coffee Day Enterprises Ltd.