Oakville, Ontario-based Tim Hortons Inc. is searching for a new chief executive officer following the departure of Don Schroeder, who served the company for 20 years and has held this specific position since 2008.
Paul House, the corporation's executive chairman and former president and CEO, has been appointed to serve as interim CEO until the board of directors completes its succession planning process and replaces Schroeder.
"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," House said in a statement.
The board has been working on a succession plan that is consistent with the company's strategic vision and will begin its next phase of the process by conducting a comprehensive internal review and external search. Although the timing of the completion of the process cannot be determined with certainty, the objective is to make an appointment as soon as practical.
House has served in senior executive positions with Tim Hortons for more than 25 years. In 1995, he was appointed president and COO, and in November of 2005, he assumed the title of CEO. House held this office until his transition to executive chairman, and Schroeder's concurrent appointment as president and CEO, in March of 2008.
