Coffee Day board names S V Ranganath as Interim Chairman
Nitin Bagmane will be the new Interim Chief Operating Officer
In the wake of the demise of Café Coffee Day Founder V G Siddhartha, the board has announced some appointments.
While S V Ranganath has been appointed as Interim Chairman of the board, Nitin Bagmane will be the new Interim Chief Operating Officer on terms to be detailed and approved by the board.
An executive committee will be constituted comprising S V Ranganath (Non-Executive lndependent Director), Nitin Bagmane (COO) and R Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015.
The board has taken cognizance of statements in the purported letter from V G Siddhartha relating to financial transactions outside the knowledge of the senior management, auditors and the Board. While the authenticity of the letter is unverified and it is unclear whether these statements pertain to the Company or his personal holdings, the Board took serious note of the same and resolved to thoroughly investigate this matter.
