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Tim Horton's expects $3.8M restructuring charge in 2nd qtr

By Associated Press
April 30, 2008 | Comments (0)

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Canadian coffee and doughnut chain Tim Horton's Inc. said Wednesday it will record a one-time restructuring charge of about 3.8 million Canadian dollars ($3.8 million) in the second quarter due to changes to its senior management structure.

Tim Horton's announced the appointment of a number of new executives. They included the appointment of Roland Walton, 52, as the new chief operations officer in Canada. Walton formerly served as executive vice president of operations.

David Clanachan, 46, has been chosen as the chief operations officer in the U.S. Clanachan was formerly the vice president of operations for Western Ontario.

The company said it also made a number of senior management changes below the executive officer level to "streamline and strengthen the management team."

The company said it expects to save about $1.5 million annually from the new structure.

U.S.-traded shares of Tim Horton's rose 17 cents to close at $34.35.

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