Outgoing Tim Hortons CEO Don Shroader will receive a hefty severance package, according to regulatory findings released on Monday. Shroader, who stepped down late last month after a 20-year career at Tim Hortons, will receive $5,750,000 in severance pay. Appointed as CEO in 2008, he will get $2,250,000 up front, and the rest will be paid out over the next two years. As part of the severance deal, Shroader is prohibited from discussing his reasons for stepping down. He will remain as an advisor for Tim Hortons, and will continue to serve as on the Tim Horton Children’s Foundation Board. For this work, he will be paid $175,000 a year, and will receive medical and dental benefits for the next two years. Shroader’s resignation has raised doubts about the company’s international expansion efforts. Fifty of its 600 U.S. outlets were recently closed.
Outgoing CEO gets hefty severance from Tim Horton’s
Don Shroader to receive nearly $6 million over two years
FILED UNDER: Tim Hortons