Oakville, Ontario-based Tim Hortons Inc. has reached an agreement with Don Schroeder, former president and CEO who departed the company at the end of May.
The agreement includes a $5.75 million severance package. Schroeder will receive $2.25 million up front, and the rest will be paid throughout the next two years.
Schroeder, who served the company for 20 years and has held this specific position since 2008, will continue working with the company, acting as an advisor to Tim Horton's Coffee Partnership program. The initiative focuses on sustainable farming for small holder coffee farmers in South and Central America.
He will also be available to work on other matters at the request of the board of directors for a 2-year period, renewable at the board's option, and will continue to serve as a director on the Tim Horton Children's Foundation Board.
"We are pleased to have reached an agreement that acknowledges Don's contributions and leadership over his 20-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.
Tim Hortons Camp Day raises $9.9 million
Tim Hortons' annual Camp Day June 1 raised $9.9 million, enough to send more than 14,000 kids to a Tim Horton Children's Foundation Camp this year.
On Camp Day, every penny from coffee sales at more than 3,700 Tim Hortons restaurants in Canada and the U.S. was donated to the foundation.
Each camp offers a wide range of programs and activities that build self-confidence, self-esteem and leadership skills.
