CCD founder VG Siddhartha dies; new interim chairman on board
The board of directors of Cafe Coffee Day met today (July 31) and issued a statement mentioning who would take over the chairman’s position in the company. In its statement, the board has also mentioned who will take over the position of interim chief operating officer and chief executive officer.
Bengaluru: Cafe Coffee Day's board of directors met on Wednesday (July 31), after the demise of the brand’s chairman and managing director VG Siddhartha. Independent executive director SV Ranganath has informed that he will be taking over as the interim chairman of the board. Nitin Bagmane has been appointed as the interim chief operating officer of the company.
A constitution of an executive committee comprising SV Ranganath, Nitin Bagmane and R Ram Mohan will exercise the powers previously vested with the chief executive officer of the company and the administrative committee constituted by the board in 2015.
Wife of the deceased, Malavika Hegde, is expected to remain the non-independent and non-executive director as there has been no mention of designation change in the document. The document was shared after the meeting concluded at 1pm.
Meanwhile, the coffee chain’s main outlet in Bengaluru, ‘The Square’ located in Vittal Mallya Road, Bengaluru remains shut today. While the staff has been taken to Chikkamagaluru, where the final rites of the business tycoon will take place today (July 31), police force has been appointed at the spot.
The family members including former chief minister of Karnataka and BJP veteran SM Krishna and daughter Malavika have left their residence in Bengaluru to attend the funeral in Chikkamagaluru.
The share/stock broking house, Way2Wealth, which is a Cafe Coffee Day venture has also been shut for the day with just a few employees remaining in office. It is located next to Cafe Coffee Day ‘The Square’.
Unlike the main outlet, the other CCD outlets remain open as usual. The employees in one of the outlets said that Siddhartha used to visit the Coffee day outlet often.
VG Siddhartha's body washed ashore near Ullal, and was fished out by local fisherman on Wednesday (July 31) morning. The body is being taken to Chikkamagaluru from Wenlock District Hospital in Mangaluru, Karnataka, and is expected to reach there by 4.30pm today.