Siddhartha's wife Malavika Hegde takes over as CEO of Coffee Day Enterprises
Dec 07, 2020
Bengaluru (Karnataka) [India], December 7 : Coffee Day Enterprises Ltd (CDEL) said on Monday that Malavika Hegde, the wife of its late founder V G Siddhartha, has been appointed as the company's Chief Executive Officer.
Siddhartha's sudden demise had shaken the business world last year. Malavika, who is the daughter of former Karnataka Chief Minister S M Krishna, has said in the past that she remains fully committed to paring down the multi-crore debt burden of the company.
The company's board of directors also appointed C H Vasudhara Devi, Giri Devanur and Mohan Raghavendra Kondi as additional directors in the capacity of non-executive independent directors from December 31 till December 30, 2025.
Siddhartha died in July 2019, and many suspected that he had committed suicide.
The company has been in rough waters after Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
