Tim Hortons parent once again pays millions for underperformance
hired as its new executive chairman in November. RBI gave Mr. Doyle a compensation package with stock awards that could be worth nearly US$400-million if the shares appreciate by roughly 15 per cent a year over the next five years.
Once the pandemic hit, however, and it was clear the three-year goals wouldn’t be met, the board decided to change the metrics to match the 2021 annual bonus plan. That plan was based on growth in earnings, sales and store openings from 2020 to 2021 – gains after exiting the depths of the pandemic. Mr. Cil would have received his 2019 shares, worth about US$21.1-million at recent prices, even if he’d left the company on Feb. 14, the day RBI announced the job change.
Now you see why it’s great news for Mr. Cil that he gets to continue as an adviser, and employee, until March 1 of next year.
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