Tim Hortons Former CEO Paid $5.7 Million in Severance
Tim Hortons announced today the results of an agreement with former President and CEO Don Schroeder. Receiving $5.7 million in severance, Schroeder will continue with Tim Hortons under a consulting arrangement.
“We are pleased to have reached an agreement that acknowledges Don's contributions and leadership over his twenty-year career with us, while also allowing both him and the Company to benefit from his continued involvement with our brand,” said Paul House, Executive Chairman and Interim President and CEO in an official statement.
Part of this arrangement, Schroeder will act as an advisor to the Coffee Partnership program and continue to be available to work on other matters at the request of the Board of Directors for a two year period. Receiving consulting fees, Schroeder’s agreement with the Board can be renewed at the end of the period. Schroeder will also continue to serve as director of Tim Horton’s Children’s Foundation Board.
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“This agreement will result in Don's continued involvement with the brand in areas in which he has been a long-standing advocate and active supporter, helping disadvantaged children through the Foundation and small holder coffee farmers,” House added.
“I am pleased that we have reached an agreement and I am proud that I will remain part of the Tim Hortons family. I have always had a tremendous passion for the Tim Horton Children's Foundation and our Coffee Partnership, both of which are making a true difference. As a result, I am excited about having the opportunity to continue to add value in these important areas,” said Don Schroeder.