Coffee Day Enterprises Ltd, the proprietor of the Cafe Coffee Day chain, appointed founder and former chairman V.G. Siddhartha’s spouse as its chief government officer on Monday, greater than a 12 months after the espresso baron was discovered useless in a river in Mangaluru in an obvious suicide.
In July final 12 months, Coffee Day Enterprises named impartial board member S.V. Ranganath as interim chairman, after authorities recovered Mr Siddhartha’s physique floating in a river close to Mangaluru, two days after his disappearance sparked hypothesis that he was below intense monetary pressure.
Malavika Hegde was appointed because the CEO with fast impact, the corporate mentioned in a submitting to exchanges.
Bengaluru-based Cafe Coffee Day runs a whole lot of espresso retailers throughout India that brew cappuccinos and lattes for India’s booming moneyed class and compete with the likes of Starbucks Corp, Barista and Coca-Cola Co-owned Costa Coffee.
Mr Siddhartha, 59, was broadly recognised for having introduced the espresso store tradition to a largely tea-loving nation, whereas additionally being hailed as one in every of India’s early enterprise capital traders.
His demise plunged the corporate into an unsure future, and noticed Coffee Day Enterprises shares crash as information of his demise unfolded, earlier than ultimately being suspended from buying and selling since February 3.