Coffee Day Enterprises announces interim chairman after Siddhartha’s death

CafeCoffee-Day

NEW DELHI: Following the tragic death of Cafe Coffee Day (CCD) founder VG Siddhartha, Coffee Day Enterprises Ltd today named SV Ranganath as the company’s interim chairman. Coffee Day Enterprises held a board meeting today in which a decision to appoint independent director Ranganath as interim chairman was taken, the company told stock exchanges.

Ranganath is currently a non-executive independent director. Coffee Day board has also appointed Nitin Bagmane as the interim chief operating officer (COO).

The company board has constituted an executive committee comprising Ranganath, Bagmane 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.

On statements made in the purported letter written by Siddhartha two days before he disappeared, the board said the authenticity of the letter remains unverified.

“While the authenticity of the letter is unverified and it is unclear whether these statements pertain to the Company or the personal holdings of Mr. V. G. Siddhartha, the Board took serious note of the same and resolved to thoroughly investigate this matter,” it said.

News Source: livemint

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