Mumbai: The board of Coffee Day Enterprises Wednesday appointed S.V. Ranganath as its interim chairman, after the police in Mangaluru earlier recovered the body of its founding Chairman V.G. Siddhartha almost 36 hours after he went missing.
The board in its meeting, which commenced at 10.30 a.m. and went on till 1 p.m., also decided to appoint Nitin Bagmane as the interim Chief Operating Officer (COO), a company statement said.
“Constitution of an Executive Committee comprising S.V. Ranganath (Non-Executive Independent 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,” it said.
The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same, the statement said, adding that the executive committee will, inter alia, explore opportunities to deleverage the Coffee Day Group.
