Tim Hortons ex-CEO gets $5.75M severance
Tuesday, June 7th, 2011 at
9:09 pm
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Canadian fast-food chain Tim Hortons Inc. will pay its ex-CEO nearly $6 million as severance and give him a consulting job after his unexpected departure last month.
The company announced Monday that it will pay Don Schroeder up to Canadian $5.75 million (U.S. $5.88 million) in severance. Schroeder, in return, must agree to give up any potential claims against the company.
Schroeder also will be paid CA $175,000 a year to advise the company’s children’s foundation and its sustainable farming project.
