Dark, Rich And Bitter


Don Schroeder is in the early days of what his $6-million severance agreement describes as the “quiet period.” For at least the next three years, the ex-president and CEO of Tim Hortons is forbidden from uttering a public word about the closed-door discussions that led to his swift—and still unexplained—exit. He is not permitted to speak to the media. He cannot say or write anything “disparaging, derogatory or defamatory” about the company that canned him. And he has agreed, after consulting with a lawyer, not to sue.

Even during private conversations, Schroeder must choose his words carefully. Clause 17, for example, allows him to share the details of his abrupt dismissal with “immediate family”—but only on the condition that their mouths remain equally shut.

In the meantime, as the 65-year-old settles into his new role as a well-paid (and tight-lipped) Hortons consultant, the full story behind his bizarre firing remains as much of a Bay Street mystery as it did that morning two months ago, when Canada’s favourite coffee shop announced it was suddenly in need of a new boss.

Read on…

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