More than a year after the death of 60-year-old VG Siddhartha, founder of Cafe Coffee Day (CCD), the company has been appointed a new CEO. Malvika Hegde, wife of VG Siddhartha, has been appointed as its new CEO. The announcement was made by the company. Malvika was previously the company’s non-executive director.
In addition, three others have been appointed as additional directors by the company. The stock exchange has been notified by the company. The board is expected to be operational by December 30, 2025.
The controversy erupted in July last year over the disappearance of 60-year-old Vijay Siddhartha. Two days after his disappearance, his body was recovered from the banks of the Netrabati River in Mangalore, Karnataka. According to a suicide letter, he was depressed over the harassment of the income tax office so he committed suicide. His business was also damaged.
In his ‘last’ letter, Siddhartha noted that the income tax department officials were repeatedly harassing him and his company.
After Siddhartha’s death, discussions began about the future of the company he founded. CCD has more than 500 chains across the country and abroad. Siddhartha started a coffee trend in a tea-loving country like India and became a successful businessman. Noone could easily accept that such an extreme decision would be made. While Siddhartha’s death has pushed the future of CCD into the dark, its value has also plummeted in the stock market.