Succession plan not yet in place

BENGALURU: In his purported letter to the board, VG Siddhartha mentions the company was in talks with Coca-Cola (which bought Costa Coffee last year) and ITC. He was trying to persuade them for a partnership in the vending machine business.
"About 45,000 vending machines can easily be added in the next 3-5 years, this is the potential and power of the brand.... CCD has got a good procurement network to get 25,000-30,000 tons of coffee in the local market. New roasting facility, which has just started can roast around 15,000 tons of coffee and this can act as a great back-end business in procuring & roasting with lots of international brands instead of exporting green coffee," the letter reads.
ITC on Tuesday said: "ITC receives enquiries from market participants on an ongoing basis which are suitably evaluated. One such enquiry was received from an intermediary on Cafe Coffee Day. However, no progress was made on the matter," it said.
Sources told TOI that Cafe Coffee Day hadn't put a succession plan in place. Its board met on Tuesday to decide the change of guard. His son Amartya was recently seen shadowing his father at work, learning the ropes, sources said. He is yet to take up a formal role in the firm.
The board is learnt to be meeting on Wednesday to decide on the change in leadership. Its board comprises three independent directors -- SV Ranganath, MD Mallya and Albert Hieronimus. Other board members include non-executive nominee director Sanjay Omprakash Nayar and Malavika Hegde, non-executive and non-independent director.
^{[1][2][3][4][5][6]}

References

1. ^{^} VG Siddhartha (timesofindia.indiatimes.com)
2. ^{^} Coca-Cola (timesofindia.indiatimes.com)
3. ^{^} Costa Coffee (timesofindia.indiatimes.com)
4. ^{^} ITC (timesofindia.indiatimes.com)
5. ^{^} CCD (timesofindia.indiatimes.com)
6. ^{^} Cafe Coffee Day (timesofindia.indiatimes.com)

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