- December 8, 2020 / 5 min readMalavika Hegde was appointed as the CEO with immediate effect, the company said in a filing to exchanges.
Coffee Day Enterprises Ltd has appointed Malavika Hegde, wife of its founder V G Siddhartha's wife as its chief executive officer on Monday.
This comes after more than a year when the owner of Coffee Day Chain was found dead in a river in Southern India in an apparent suicide.
In July last year, Coffee Day Enterprises named independent board member S V Ranganath as interim chairman, after authorities recovered Siddhartha's body floating in a river near the port city of Mangaluru, two days after his disappearance sparked speculation that he was under intense financial strain.
Malavika Hegde was appointed as the CEO with immediate effect, the company said in a filing to exchanges.
Bengaluru-based coffe chain runs around 1500 café across the country and compete with the likes of Starbucks Corp, Barista and Costa Coffee.
The coffee chain has closed operations of around 280 outlets in the first quarter of the current fiscal year. The group has citied profitability issues and likely future increase in expenses, a company statement said.
With these closures, the café now operates around stood 1,480 outlets as on June 30, 2020.
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