Tim Hortons parent company is replacing its CEO as the fast-food giant focuses on boosting sales and its stock amid economic headwinds.
also released new financial figures on Tuesday for the coffee and doughnut chain’s Canadian locations that appear to highlight concerns raised by franchise owners about restaurant-level profitability.Popeyes Louisiana Kitchen
Kobza has worked with RBI for more than a decade and was appointed COO in January 2019. He replaces Cil who was appointed CEO of the company in January 2019 and before that was the president of Burger King fast food chain since 2014. Slipping profits has also become a growing concern among some franchisees. The average Tim Hortons restaurant in Canada, RBI said, made $220,000 last year in earnings before interest, taxes, depreciation and amortization , with the average franchisee owning four locations.
The numbers suggest franchisees earned on average $880,000 before interest, taxes, depreciation and amortization in 2022, a drop of more than 20 per cent from $1.1 million four years ago.for some time now. In the years leading up to the pandemic, it had several public spats with franchisees over cost-cutting measures, delays in supply deliveries and a $700-million renovation plan the company said would cost store owners $450,000 per restaurant.
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