Tim Hortons’ CEO makes swift departure
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Hey there, time traveller!
This article was published 26/05/2011 (5413 days ago), so information in it may no longer be current.
TORONTO — Tim Hortons is hiring — Canada’s No. 1 coffee chain is looking for a new leader after the abrupt departure of its CEO.
The company announced Wednesday Don Schroeder, 65, no longer serves as president and CEO after three years at the helm and two decades as an employee.
Tim Hortons’ (TSX:THI) board said it believes a change at the top at this time is best for the company. In the meantime, executive chairman Paul House, who has previously held the position of president and CEO, will take on the role on an interim basis.
“Don Schroeder has made significant contributions to Tim Hortons during his 20 years of service, and although a transitional arrangement could not be reached, we appreciate his leadership as president and CEO since his appointment in 2008,” House said in a release.
“We have a talented, experienced and highly capable executive group, and we will continue to drive execution of our established strategic growth plans and initiatives, which are designed to capitalize on market opportunities, as the board concludes the process to appoint a new CEO.”
The board said it was already engaged in succession planning for the CEO position as part of its strategic planning.
Tim Hortons did not say why Schroeder was leaving so suddenly, but Brian Yarbrough, a retail analyst at Edward Jones in St. Louis, believes the fact that it could not reach a “transitional arrangement” is key.
“It seems like the board went to him and said ‘Look, we want to find a different guy to lead this firm longer-term and take it to the next level, will you stick around in the transition period?’ — and he just said ‘I’m out.”‘
Shares in the company fell about 1.7 per cent to close down 78 cents at $45.05 Wednesday on the Toronto Stock Exchange after reaching a record high of $48.31 just two weeks ago.
— The Canadian Press