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article imageTim Hortons CEO Don Schroeder abruptly steps down, House fills in

By Andrew Moran     May 25, 2011 in Business
Oakville - The President and CEO of Tim Hortons, Don Schroeder, has abruptly stepped down from the Canadian coffee giant. The corporation's board has appointed Executive Chair Paul House as the interim CEO until a permanent replacement is found.
Tim Hortons recently celebrated its 25th annual Roll up the Rim promotional contest. In this customer-favourite event, patrons have the opportunity to win a number of prizes, including a free coffee, muffin, television, car and/or cash prize.
After concluding the contest a little more than a month ago, the company’s shareholders were not pleased with the results. According to the Globe and Mail, the Roll up the Rim caused Tim Hortons to avert expectations and sent its stock to the biggest loss since 2009.
On Wednesday, the Board of Directors for Tim Hortons announced that Executive Chairman Paul House will be appointed as the interim CEO after Don Schroeder, former President and CEO, unexpectedly stepped down, according to a Newswire press release.
“Don Schroeder has made significant contributions to Tim Hortons during his 20 years of service, and although a transitional arrangement could not be reached, we appreciate his leadership as President and CEO since his appointment in 2008. On behalf of the Board, our restaurant owners and our employees, I would like to thank Don for his two decades of service,” said House.
“We have a talented, experienced and highly capable executive group, and we will continue to drive execution of our established strategic growth plans and initiatives, which are designed to capitalize on market opportunities, as the Board concludes the process to appoint a new CEO.”
It is unclear if the last quarter’s results had anything to do with Schroeder’s departure. Schroeder announced at the beginning of the campaign that odds were up to one in six rather than one in nine.
Therefore, this led to higher redemptions for food and beverage prizes.
CBC News notes that one analyst suspects that Schroeder stepping down could have been against his will.
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