A board meeting of Café Coffee Day(CCD), the coffee chain founded by deceased business tycoon VG Siddhartha, has appointed SV Ranganath as the interim chairman. The board also has chosen Nitin Bagamane as interim Chief Operating Officer (COO) of the company. Café Coffee Day’s board has also informed that an executive committee has been set up to exercise the powers previously vested with VG Siddhartha.
The controversy over VG Siddhartha’s disappearance and death has a negative impact on the company’s share price which was slumped overall by around 40 percent for the past two days. The new move is said to fill the void created by the death of Siddhartha.