A year after VG Siddhartha's death, wife Malavika Hegde takes charge of Coffee Day as new CEO
The appointment is for five years, effective from December 31, 2020.
By PTI | Updated:
Agencies
Malavika Hegde, who is also the Director of Coffee Day, has been appointed as CEO with effect from December 7, 2020.
NEW DELHI: Coffee Day Enterprises Ltd (CDEL) on Monday said Malavika Hegde, the wife of its late founder V G Siddhartha, has been appointed as the company's Chief Executive Officer. CDEL runs a chain of Cafe Coffee Day restaurants in India.
"Malavika Hegde, Director of the company, has been appointed as CEO of the company with effect from 7th December 2020," CDEL said in a regulatory filing.
The company's board in a meeting held on Monday also approved appointment of CH Vasudhara Devi, Giri Devanur and Mohan Raghavendra Kondi as independent directors.
The appointment is for five years, effective from December 31, 2020.
"This intimation also fulfils the requirement of appointing Woman Independent Director pursuant to SEBI (LODR) (Amendment) Regulations, 2018," it added.
Siddhartha was found dead in August 2019 and since then the group has been facing pressure to repay debts. It is paring its debt through the sale of non-core assets.
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In July this year, an investigation into the circumstances that led to the alleged suicide of Siddhartha revealed that Rs 3,535 crore was siphoned off from the company by the entrepreneur's personal firm Mysore Amalgamated Coffee Estates Ltd(MACEL).
In August, the Coffee Day Group said it has appointed Justice K L Manjunath, a former judge of the Karnataka High Court, to suggest and oversee actions for recovery of dues.
The company had said it was taking steps for recovery of dues from MACEL, while disclosing the findings of the investigation.
CDEL has 49 subsidiaries.
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CDEL in September last year had announced the sale of its Global Village Tech Park in Bengaluru to global investment firm Blackstone and realty firm Salarpuria Sattva at an enterprising value of Rs 2,700 crore.
Earlier, it had sold CDEL's stake in IT firm Mindtree to L&T Infotech.
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Remembering VG Siddhartha, The Man Who Introduced Coffee Culture In India
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The disappearance and demise of Café Coffee Day owner VG Siddhartha left the country in shock. On Saturday, the coffee tycoon wrote a letter addressed to his 'Coffee Day' family where he apologised to them for failing as an entrepreneur and opened up about the pressure he had been dealing with. On Monday he went missing from Mangaluru, and 36 hours later his body was recovered by the fishermen in the city's Hoige Bazaar.
The tragic episode saw tributes pour in for the billionaire businessman, whose 'A lot can happen over a coffee' idea brought enthusiasts closer and sparked the trend of coffee dates in India.
Despite running a mega empire, the camera-shy 60-year-old tycoon preferred to stay away from the limelight and mostly maintained a low-profile.
The disappearance and demise of Café Coffee Day owner VG Siddhartha left the country in shock. On Saturday, the coffee tycoon wrote a letter addressed to his 'Coffee Day' family where he apologised t..
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Siddhartha was born in 1960 to coffee plantation owner Gangaiah Hegde in Chikkamagalur, Karnataka (his family has been in the coffee business for almost 130 years). Growing up in the district known for its coffee estates, the coffee baron completed his master's degree from Mangalore University.
During the early '90s, as a budding entrepreneur, he tied the knot with Malavika Hegde, the daughter of former Chief Minister of Karnataka, Indian Minister for External Affairs and Governor of Maharashtra, S.M. Krishna. They had two sons, Ishan and Amarthya.
Siddhartha was born in 1960 to coffee plantation owner Gangaiah Hegde in Chikkamagalur, Karnataka (his family has been in the coffee business for almost 130 years). Growing up in the district known f..
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He began his career at the age of 24 as a management trainee with JM Financial Limited in Mumbai, where he worked from 1983 to '84. In the mid '80s, he invested his earnings in the stock market on Chikkamagaluru's coffee plantations, and in 1984, bought an investment banking and brokering firm, Sivan Securities - that was later renamed to Way2Wealth Securities Ltd.
A few years later, using the money given to him by his father as capital, he bought a coffee unit in Hassan, and founded Amalgamated Bean Company Trading in 1993. Two years later, it became India’s largest green coffee exporter. Siddhartha grew coffee, sold and exported tonnes of it, earning millions from the business. The owner of 12,000 acres of coffee plantation, he also had 200 exclusive retail outlets selling his Coffee Day powder all over South India.
In 1996, he set up his first coffee outlet, naming it Café Coffee Day. The first CCD opened its doors at Brigade Road in Bengaluru.
Twenty-three years later, the brand now runs over 1700 outlets, making CCD the country's largest retail coffee chain. It also operates cafes in Austria, Malaysia, and Egypt.
With a burgeoning business to bank on, Siddhartha earned a spot on the 2014 Forbes India's Rich list. However, a year later, he dropped off.
He began his career at the age of 24 as a management trainee with JM Financial Limited in Mumbai, where he worked from 1983 to '84. In the mid '80s, he invested his earnings in the stock market on Ch..
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2017 proved to be the start of a professionally difficult time for Siddhartha, who was then also attending to his 94-year-old father at the time. The coffee tycoon found himself caught in the middle of a tax evasion case. 20 properties owned by him, in Bengaluru, Chennai, Chikkamagaluru and Mumbai, were subjected to a raid by the income tax department.
2017 proved to be the start of a professionally difficult time for Siddhartha, who was then also attending to his 94-year-old father at the time. The coffee tycoon found himself caught in the middle ..
