Tim Hortons Inc. said Wednesday it is searching for a new chief executive after former leader Don Schroeder left the company.
Schroeder, who had served as chief executive since 2008, will be replaced on an interim basis by Paul House, Tim Hortons’ current executive chairman and former CEO. The reasons behind Schroeder’s departure have not been made public.
“Don Schroeder has made significant contributions to Tim Hortons during his 20 years of service,” House said in a statement. “Although a transitional arrangement could not be reached, we appreciate his leadership as president and CEO.”
A representative for Tim Hortons declined to comment any further.
House has been with the Ontario-based company for more than 25 years and served as chief executive from 1995 to 2008, when he transitioned to executive chairman.
Tim Hortons has not said how long House would serve as interim CEO, but said an appointment would be made as soon as possible following an internal review and external search.
Tim Hortons has 3,782 quick-service restaurants, including 613 in the United States.
For its April-ended first quarter, Tim Hortons recorded a 2.3-percent uptick in profit, to $80.7 million Canadian, on a 10.4-percent increase in revenue, to $454.5 million. Same-store sales rose 2 percent at branches in Canada and 4.9 percent in the United States.
Contact Charlie Duerr at [email protected].
