Tim Hortons President Alex Macedo to Leave in March

(Bloomberg) -- Restaurant Brands International Inc. said the president of its Tim Hortons coffee-and-doughnut chain will step down in March.

Alex Macedo will be eligible for severance benefits and signed a non-competition agreement, Restaurant Brands said in a filing to the Securities and Exchange Commission on Friday. He will “facilitate a smooth transition” between now and March, the company said in a separate statement.

The company also said Axel Schwan will join the global leadership team, following his appointment as the regional president of Tim Hortons for Canada and the U.S. in October. Schwan’s new role will see the Latin American market added to his responsibilities.

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