OAKVILLE, Ont. — The sudden departure of Don Schroeder from his post as CEO of Tim Hortons has led to widespread discussion.
According to the company, a succession plan has been in the works for a while. “The Board has been engaged in a comprehensive succession planning and review process in parallel with the company’s strategic planning work. With a solid strategic foundation in place, the Board has made the determination that the current timing under all circumstances is best suited to transition CEO leadership,” said Frank Iacobucci, lead director.
Despite the reassurance, business insiders are speculating about what might have prompted the sudden exit. Kenric Tyghe, a retail analyst at Raymond James, told The Globe and Mail the departure was “unusual.” “It’s not a corporate culture that is known for taking this type of action. It was either a power struggle or a strategy struggle … I have to believe there are some other shoes to drop here.”According to The Globe, others speculate recent troubles such as a less than stellar first quarter and disappointing sales in the U.S. may be to blame.
Paul House, the corporation’s executive chairman and former president and CEO, has been appointed to serve as Interim CEO.
