Tim Hortons' Board of Directors announced today the start of an active search for a new company CEO. This search is claimed to be part of an extended succession planning process that the company is undertaking in connection with its strategic plans for the future.
Speculated to have been forced out, Don Schroeder is no longer President and CEO. Paul House, Tim Hortons' Executive Chairman and former President and CEO, succeeds Don Schroeder to serve as Interim CEO as the Board pursues a new leader.
“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. On behalf of the Board, our restaurant owners and our employees, I would like to thank Don for his two decades of service," said Paul House, Executive Chairman in a statement.
Conducting a comprehensive internal review and external search, the company’s Board hopes to make an appointment as soon as possible.
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"The Board has been engaged in a comprehensive succession planning and review process in parallel with the Company's strategic planning work. With a solid strategic foundation in place, the Board has made the determination that the current timing under all circumstances is best-suited to transition CEO leadership," said Frank Iacobucci, Lead Director.
House is confident in the Board’s upcoming decision making process. “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," said House.
Paul House has served in senior executive positions at Tim Hortons for more than 25 years and is seen as the perfect transitional CEO by the company.