Coffee Day Enterprises Ltd, the owner of the Cafe Coffee Day chain, appointed Malavika Hegde as its chief executive officer
About Company
Bengaluru-based Cafe Coffee Day runs hundreds of coffee shops across India that brew cappuccinos and lattes for the booming moneyed class and compete with the likes of Starbucks Corp, Barista and Coca-Cola Co-owned Costa Coffee.
Who is Malavika Hegde?
Malavika Hegde, the wife of deceased Cafe Coffee Day founder VG Siddhartha.
What happened to VG Siddhartha?
Last year in July, Cafe Coffee Day came in the news after VG Siddhartha mysteriously disappeared after stepping out of his car for a walk at a bridge near Mangaluru in Karnataka.
Two days later, authorities recovered his body from a nearby river.
His death was declared a suicide.
Reason behind suicide
VG Siddhartha had reportedly taken the step after coming under immense financial strain, reportedly to the tune of Rs 11,000 crore. In an unverified letter, Siddhartha had also alleged harassment from Income Tax officials.
After his death, Coffee Day Enterprises named independent board member SV Ranganath as interim chairman of the group.
Joining of a new CEO
Malavika Hegde was appointed as the CEO with immediate effect.
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