CafÃ© Coffee Day Enterprises Ltd said in a stock exchange filing that the companyâ€™s board has approved the appointment of Malavika Hegde, wife of the founder and former Chairman VG Siddhartha as the new Chief Executive Officer of the company.
In July 2019 S.P. Raganath was named as the independent board member after Siddharthaâ€™s body was found floating in a river in Mangaluru, two days later it was speculated that he committed suicide due to extreme financial strain.
The company’s board in a meeting held on Monday also approved the appointment of C H Vasudhara Devi, Giri Devanur, and Mohan Raghavendra Kondi as independent directors. The appointment is for five years, effective from December 31, 2020.
The Bangalore based company that runs numerous coffee shops under the name â€œCafÃ© Coffee Dayâ€ also said in the filing that the board of directors in the meeting appointed CH Vasundhara Devi, Giri Devnaur, and Mohan Raghavendra Kondi as additional directors of the Non-executive independent directors.