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.