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 was found dead in early August 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.
Siddhartha was laid to rest from the same place where he began journey as a little boy who dared to dream big over an ordinary cup of coffee.
A coffee planter’s son, Siddhartha was cremated at sunset at his Chetanahali estate in his ancestral village of Mudegiri in Chikkamagaluru, prematurely ending a glorious life as an entrepreneur.
He was cremated as per Vokkaliga rites and the funeral pyre was lit by his sons Amratya and Ishaan in the presence of mother, grandfather SM Krishna, his wife and other family members.