As the news of demise of CCD founder V G Siddhartha cropped up Wednesday morning, the Coffee Day Enterprises announced SV Ranganath as the interim chairman of the board. According to media reports, Nitin Bagmane’s name has been proposed as interim chief operating officer of the company on terms to be detailed and approved by the board later.
The company board was constituted in 2015 and included SV Ranganath, Nitin Bagmane and R Ram Mohan to exercise the powers previously vested with the CEO of the company.
In due course of time, the board will prepare a detailed plan about roles and powers of the executive committee and approve the same. According to stock exchange report, in the mean time the executive committee will explore opportunities to deleverage the Coffee Day Group.
The immediate step has been taken after the confirmation of Siddhartha’s death, who was missing since Monday night after the failure as an entrepreneur and financial loss he was going through.
The 58-year old first-generation coffee entrepreneur hailed from a coffee-growing family in Chikmagalur in Karnataka.
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