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Tim Hortons Launches Leadership Succession Plan

Executive Chairman Paul House appointed Interim CEO for Canadian quick-service chain Tim Hortons.

Paul House has replaced Don Schroeder as chief executive officer of Tim Hortons Inc. (NYSE: THI). House, the company's chairman and former CEO, will fill the position on an interim basis while the company searches for a permanent replacement.

This search for a new CEO is part of Tim Hortons succession planning process. In a release, the company said it will conduct an internal and external search for a new CEO. A specific timetable for completing this process was not provided.

"We have a talented, experienced and highly capable executive group, and we will continue to drive execution of our established strategic growth plans and initiatives, which are designed to capitalize on market opportunities, as the Board concludes the process to appoint a new CEO," House added.