A year after the late founder and former chairman V G Siddhartha’s death, his wife, Malavika Hegde, is appointed as the new CEO of the Coffee Day Enterprises Ltd, the owner of the Café Coffee Day chain.
Siddharth, 59, was widely known for having brought coffee shop culture in India. With his strong leadership, he took Coffee Day to great heights.
Bengaluru-based Café Coffee Day runs hundred coffee shops across India and was quite popular amongst youngsters and office goers. It also provided jobs to over 100,000 people directly or indirectly.
But with rising debt and alleged harassment by income tax officials, the 59 year old baron took his own life a year ago.
After his death the Coffee Day business went into a downward spiral. The future of the company became uncertain the shares of the the Coffee Day Enterprises crashed.
In July last year, after the late founder’s death, independent board member S V Ranganath was appointed as the interim chairman.
Now Siddharth’s wife, Malavika Hegde, has been appointed as the new CEO with immediate effect.
In a filing to the Bombay Stock Exchange, the company mentioned that it also appointed three additional directors- C. H. Vasudhara Devi, Giri Devanur and Mohan Raghavendra Kondi- in the capacity of non-executive independent directors, from 31 December 2020 up till 30 December 2025 subject to the approval of shareholders.
“This intimation also fulfills the requirement of appointing Woman Independent Director pursuant to SEBI (LODR) (Amendment) Regulations, 2018,” according to the filing.
Komal is an English literature student with a keen interest in economic developments and politics amongst others. She is a part of Research & Content team at HrNxt.com