Debt-ridden Coffee Day Enterprises Ltd on Tuesday said Venu Madhav has been elevated as the Group Head - Strategy and M&A to handle strategic investment decisions.
Madhav has resigned from the directorship of Coffee Day Global Ltd, the company said in a regulatory filing. Coffee Day Global Ltd, a subsidiary of Coffee Day Enterprises Ltd (CDEL), handles the coffee business of the group.
The filing said that Duraiswamy Sankaranarayan has been inducted to the board of Coffee Day Global with effect from 26 November 2019 as an Additional Director.
Currently he is working as CEO of Beverages Division of Coffee Day Global Ltd.
The board of CDEL approved the changes in a meeting held on Tuesday, the filing stated.
The company has been trying to divest its assets to pare debt after the death of its promoter V G Siddhartha.