Tim Hortons top executives are getting bonuses of as much as C$1 million ($871,000) on the eve of its proposed acquisition by Burger King Worldwide.
Tim Hortons Chief Executive Officer Marc Caira will be paid a discretionary bonus of C$1 million, while Chief Financial Officer Cynthia Devine will receive C$500,000, according to a regulatory filing today. Frank Iacobucci, the board’s lead director, will be awarded C$100,000 as a special recognition.
The bonuses reflect the increased duties involved in navigating the company through the Burger King takeover, the company said. The deal will face a vote by shareholders tomorrow.
The executives “have been required to take on a substantial incremental workload, in addition to the underlying accountabilities and responsibilities of their respective positions,” the Oakville, Ontario-based company said in the filing. “These executive officers successfully led their respective teams to deliver strong company results, and they each met or exceeded individual performance objectives for the year, which were unrelated to the transaction.”
Bloomberg News, edited by ESM
