Indian coffee tycoon VG Siddhartha found dead

The board of directors of Cafe Coffee Day met on Wednesday (July 31) after the demise of the brand’s chairman and managing director VG Siddhartha. SV Ranganath, independent executive director has informed that he will be taking over as the interim chairman of the board. The board has also decided to appoint Nitin Bagmane as an 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.

Malavika Hegde, wife of the deceased, is expected to remain the non-independent and non-executive director as there has been no mention of any designation change in the document shared after the board meeting.

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