The Coffee Day Enterprises Ltd. on Wednesday announced its acting chairman S.V. Ranganathan in its latest statement. The non-executive independent director Ranganathan is expected to deal the forgoing matters at the company in relation to the unprecedented death of CEO V.G. Siddhartha. The unexpected turn of events since July 29 prompted the board to take the measure.
The meeting also appointed Nitin Bagman as the interim Chief Operating Officer (COO). The terms and conditions in relation to the latest appointment are expected to be approved by the board in another meeting scheduled earlier next month.
An executive committee consisting Ranganathan, Bagman and R. Ram Mohan (CFO) will comprise the company board. The trio will be in charge of the CEO office and administrative committee of the company until further notice.
Meanwhile, Cyril Amarchand Mangaldas has been appointed as the legal counsel for the company by the board. With the next set of executive members, the board is expected to deleverage the Coffee Day Group.
V.G. Siddhartha, the founder-cum-CEO of Indian restaurant chain Cafe Coffee Day (CCD) was reported missing on Monday near Mangaluru, Karnataka. His body has been recovered from the banks of Netravathi river earlier today. Siddhartha has been laid to rest at his estate in Chikkamagaluru, Karnataka.