Café Coffee Day's late Founder and former Chairman VG Siddhartha's wife, Malavika Hegde, was appointed as Coffee Day Enterprises Ltd's CEO with immediate effect on Monday. This appointment is for five years, effective from December 31, 2020.
Her appointment comes more than a year after the coffee baron was found dead in a river near Mangaluru in an apparent suicide. Until now, Malavika Hegde was serving as a non-executive director. Malavika Hegde is the daughter of former Karnataka chief minister SM Krishna.
Last year in the month of 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. Since then the group has been facing pressure to repay debts.
Cafe Coffee Day runs hundreds of coffee shops across India that brew cappuccinos and lattes for India’s booming moneyed class and compete with the likes of Starbucks Corp, Barista and Coca-Cola Co-owned Costa Coffee.
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