Tim Hortons president Alex Macedo leaving in March, parent company says
Coffee chain's 3rd-quarter earnings slumped with lower lunch sales
The parent company of Tim Hortons has announced that the coffee-and-doughnut chain's global brand president is leaving.
Restaurant Brands International CEO Jose Cil said in a news release that Alex Macedo has chosen to leave the company in March 2020.
The release said Axel Schwan, who had been appointed regional president of Tim Hortons for Canada and the U.S. in October, will now join RBI's global leadership team.
Schwan will add the Latin America region to his duties, while other international Tim Hortons locations will be led through RBI's existing global leadership team.
Macedo "will remain available between now and March 2020 to facilitate a smooth transition," the release said.
Cil stated that Macedo was invaluable in growing another RBI brand — Burger King — in the U.S. and that he led Tim Hortons through a "period of transition" last year.
"Alex has all our best wishes as he leaves RBI," said Cil.
In late October, Cil noted third-quarter earnings at Tim Hortons "were not where we want them to be," particularly due to lunch options, such as sandwiches and wraps.
Revenues at RBI, however, shot up thanks to the other two fast-food chains under its umbrella.
Meat alternative burger short-lived
Tim Hortons wiped Beyond Meat burgers from its menu in September, two months after introducing the heavily promoted alternative-protein product at most of its nearly 4,000 locations across the country.
Prior to being appointed regional president of Tim Hortons for Canada and the U.S., Schwan was global chief marketing officer at Tim Hortons.
"I am very proud to welcome Axel to the leadership team. I have worked closely with him in Europe, the U.S. and now in Canada and he has proven himself to be a valuable leader of our Tim Hortons business, as well as a strong leader of people and teams," Cil stated.
Tim Hortons operates more than 4,800 locations mostly in Canada and the U.S. It also has restaurants in Mexico, the U.K., Spain, the Philippines and China.
RBI announced a major expansion earlier this year, with plans to expand Tim Hortons, Burger King and Popeyes Louisiana Kitchen to more than 40,000 locations worldwide within a decade.