Coffee Day appoints SV Ranganath as interim chairman

Coffee Day Enterprises, the operator of the Cafe Coffee Day chain, today,  announced the appointment of independent director SV Ranganath as the interim chairman of its board. His appointment at the board of the company follows the death of Cafe Coffee Day founder VG Siddhartha, who was found dead earlier today, 36 hours after he went missing from a bridge near Mangaluru in Karnataka.

In a regulatory filing after its board meeting, the company said: “The Board remains deeply committed to safeguarding the interests of all stakeholders, including investors, lenders, employees and customers.”  The board also decided to appoint Nitin Bagmane, chairman of Coffee Day Enterprises unit Tanglin Developments, as an interim chief operating officer of the company, according to the filing.

“The Board noted with profound regrets the tragic demise of Mr VG Siddhartha and his matchless energy, vision and business acumen which helped to single-handedly build the Company,” it added.”The Board noted with profound regrets the tragic demise of Mr VG Siddhartha and his matchless energy, vision and business acumen which helped to single-handedly build the Company,” it added.

The Coffee Day Enterprises board also appointed Cyril Amarchand Mangaldas as its legal counsel to advise it on the foregoing and related matters, it said after the meeting, which began at 10:30 am and concluded at 1 pm.

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