TORONTO — The Tim Hortons’ Board is preparing to boost the salary of its new interim CEO, Paul House, to $750,000 per year — from the current rate of $300,000 — in a bid to match the compensation of the former CEO Don Schroeder, reports The Globe and Mail.
According to newspaper, a Tim Hortons’ U.S. securities filing states that “for so long as Mr. House is serving as president and CEO, his compensation should be substantially similar to the compensation [Schroeder] received as president and CEO, prior to his departure from the corporation.”In addition to the raise, House will be eligible for a bonus of up to $1.5 million if the company exceeds its maximum profit targets; he has also been given stock awards worth $1.8 million, pending Tim’s yearly performance.
House stepped back into the CEO role, a position he held from 2005 to 2008, following the sudden departure of Schroeder in May 2011.
For more on House’s pay increase, visit theglobeandmail.com.
