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Coffee Day Enterprises (CDEL) which runs Cafe Coffee Day outlets said that its interim COO Nithin Bagamane has resigned from the post.
“After the demise of our Chairman VG Siddhartha, the company had appointed Bagamane as Interim Chief Operating Officer and a member of the Executive Committee. He was entrusted with the limited task of divesting the real estate subsidiary, Global Village and Tanglin Development, to Blackstone Group,” said a filing with the stock exchanges.
It said that the CDEL has completed the sale and has received ₹2,000 crore as the first tranche from the acquirer. Due to personal reasons, Nithin Bagamane might not be able to devote his full-time and service to the company, and hence served his resignation as Interim Chief Operating Officer.
However, Bagamane will continue as a member of the Executive Committee and help the company.
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