Coffee Day Enterprises has appointed independent director SV Ranganath as interim chairman of the company's board of directors following the death of founder and former chief VG Siddhartha. The board has also appointed Nitin Bagmane as an interim chief operating officer of the company.
Siddhartha, who went missing from Monday night near Mangaluru, was found dead on Wednesday morning. Karnataka authorities have found the body of the CCD founder from Netravati river.
"The Board expressed its condolences to VG Siddhartha's family and resolved to lend its support and expressed full confidence in the Company's management team," according to a regulatory filing dated July 31.
The company said Siddhartha's wife and a board member, Malvika Hegde, has also expressed support in the management.
The company said it has formed an executive committee comprising Ranganath, Bagmane and CFO R Ram Mohan to take responsibilities of chief executive officer.
SV Ranganath (L) and Nitin Bagamane (Image: Company website)
Ranganath, a non-executive independent director, is a former Indian Administrative Service (IAS) officer of Karnataka cadre and retired chief secretary of Karnataka, according to company documents. Previously, he served as chairman of Indian Coffee Board and resident director of Indian Investment Centre, Abu Dhabi.
Bagamane is chairman of Tanglin Developments, a real estate subsidiary of Coffee Day Enterprises.