OAKVILLE, Ont. — Outgoing Tim Hortons CEO, Don Schroeder, 65, who suddenly stepped down from his post late last month, will receive $5.7 million in cash and a consulting arrangement paying $175,000 per year for the next two years.
According to a regulatory filing from the company, it expects to take a $6.5-million charge in the second quarter as a result of a “severance agreement.” Schroeder will also keep the ownership papers on his company car and is eligible for health benefits until 2013.
Schroeder will transition to advisor to the Tim Hortons Coffee Partnership program while continuing on as a director on the Tim Horton Children’s Foundation Board.
To read the regulatory filing, click here.
