Cafe Coffee Day appoints SV Ranganath as interim Chairman

CCD

The Cafe Coffee Day enterprises board has appointed S V Ranganath, former IAS officer, and a member, as the interim chairman of the company following the death of its founder VG Siddhartha.

CCD

Along with this, the company also named Nitin Bagmane as its interim Chief Operating Officer.

The board of the enterprise also formed an executive committee which includes Non-Executive Independent Director Ranganath, Chief Financial Officer R Ram Mohan, and COO Bagmane to exercise the powers that were with the Chief Executive Officer and the administrative committee which was formed by the board in the year 2015.

The company in a BSE filing said that “the board would prepare a detailed charter for authorities vested in the Executive Committee and approve the same. The committee would explore opportunities to deleverage the Coffee Day Group among other things.”

The board of the company also named Cyril Amarchand Mangaldas as the legal counsel. His role would be to advise the company in the ongoing issues and the matters related to it.

The release also said that “the board took cognisance off VG Siddhartha’s letter to financial transactions outside the knowledge of the senior management, auditors and board.”

As per the filing, the letter is yet to be verified.

“The Board noted with profound regrets the tragic demise of and his matchless energy, vision and business acumen which helped to single-handedly build the Company. The Board expressed its condolences to Mr. V. G. Siddhartha’s family and resolved to lend its support and expressed full confidence in the Company’s management team,” stated the statement.

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