New Delhi, December 7: Malavika Hegde has been appointed as the new Chief Executive Officer of Coffee Day Enterprises Ltd. on Monday as reported by Reuters. She is the wife of VG Siddhartha, the founder and former chairman of the beverage giant, who allegedly died by suicide last year in Mangaluru.  "Malavika Hegde was appointed as the CEO with immediate effect," the company said in a filing to exchanges. . CCD Founder VG Siddhartha Death: Here's What Led to Fund Crunch in Cafe Coffee Day.

Independent board member SV Ranganath was named as interim chief of the Coffee Day Enterprises Ltd., in July last year after authorities found Siddhartha's body floating in a river near Mangaluru, mere two days after his disappearance raised suspicion that the coffee baron was under massive financial strain. VG Siddhartha was a well reputed venture capital investor, who is credited to make coffee a popular beverage around the country. Cafe Coffee Day Shuts 280 More Outlets in April-June Quarter of 2020, Cites Profitability Issue.

The Coffee Day Enterprises Ltd., owns and operate Cafe Coffee Days outlet. There are more than hundreds of such outlets all over the country. It majorly offers coffee-based products, including lattes, espressos, cappuccinos among others. The company is head-quartered in Bengaluru.

(The above story first appeared on LatestLY on Dec 07, 2020 08:44 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).