Tim Hortons names new CEO; profit falls

Wed May 8, 2013 7:45am EDT
 
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May 8 (Reuters) - Tim Hortons Inc, under pressure from a U.S. hedge fund seeking better returns, named a new chief executive and the company reported a 3 percent fall in first-quarter profit.

The Canadian coffee and doughnut chain said Marc Caira will take over from Paul House on July 2. Caira, 59, was most recently Global chief executive of Nestlé Professional.

Net income attributable to Tim Hortons fell to C$86.2 million ($86 million), or 56 Canadian cents per share, in the quarter, from C$88.8 million, or 56 Canadian cents per share, a year earlier.

Sales at established stores in Canada fell by 0.3 percent, while same-store sales in the United States fell by 0.5 percent.