CCD appoints SV Ranganath as interim board Chairman, Nitin Bagmane interim COO
SV Ranganath was appointed as the interim board chairman of Coffee Day Enterprises.
SV Ranganath was appointed as the interim board chairman of Coffee Day Enterprises during the CCD board meeting on Wednesday. The decision was taken after CCD owner VG Siddartha’s body was recovered from the Nethravati River early on Wednesday morning.
In another significant decision, Nitin Bagmane was appointed as the interim COO of Coffee Day Enterprises. Coffee Day Enterprises is the parent company of CCD chain of restaurants.
A CCD board meeting was called on Wednesday morning at CCD headquarters in Bengaluru after the confirmation came of CCD owner VG Siddartha’s death. The board met to discuss the future of CCD after the death of VG Siddhartha, founder and MD of the company.
VG Siddhartha, in an alleged letter addressed to the CCD staff, had taken full responsibility for the failure of the business model. The letter surfaced as search operation intensified for Siddhartha near the spot where he was spotted last by his driver.
CCD: Two key appoints
1. SV Ranganath: SV Ranganath, one of the directors of Coffee Day Enterprises board was appointed as CCD’s interim board chairman. Ranganath is a former IAS officer.
2. Nitin Bagmane: Nitin Bagmane was appointed as the interim chief operating officer (COO) of Coffee Day Enterprises by CCD’s board of directors.
The CCD board also established an executive committee comprising interim Chairman SV Ranganath, COO Nitin Bagmane and CFO R Ram Mohan to exercises powers previously held by the company CEO.
CCD board of VG Siddhartha letter
The CCD board stated that it was "unclear" if the alleged letter, written by the CCD founder, was related to the Cafe Coffee Day company or his "personal holdings". The board is expected to meet again on August 8.
All CCD outlets will remain closed across India on Wednesday as a tribute to the CCD founder VG Siddhartha.