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Tim Hortons says president Alex Macedo is leaving post

Last Updated Dec 27, 2019 at 10:05 pm EDT

A coffee and donut from Tim Hortons is seen. THE CANADIAN PRESS/Jonathan Hayward

Restaurant Brands International says Tim Hortons president Alex Macedo is stepping down after just two years at the helm.

The Canadian multinational fast food holding company, which is majority-owned by the Brazilian investment company 3G Capital, made the announcement in a regulatory filing with the U.S. Securities and Exchange Commission on Friday.

Macedo will be “eligible for severance benefits upon termination of employment” and will leave the company effective March 13, 2020, according to the documents filed.

In late October, RBI CEO Jose Cil noted 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, Burger King and Popeyes.

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.

Cil says in a news release that 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.

It says 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.

“Alex has all our best wishes as he leaves RBI,” Cil stated.

Files from The Canadian Press were used in this report