Management ChangeJun 9, 2026, 04:02 PM
Tims China Appoints Kwok Wah Cheung as CEO; Issues $55M Convertible Notes
AI Summary
TH International Limited (Tims China) announced the appointment of Mr. Kwok Wah Cheung as its new Chief Executive Officer, effective June 15, 2026, as part of its succession planning. Mr. Cheung brings over 20 years of experience in major consumer businesses in China. Concurrently, Mr. Yongchen Lu will transition from CEO to Chairman, and current Chairman Mr. Peter Yu will remain a director. Additionally, Tims China will issue up to $55.0 million in additional senior secured convertible notes to Tim Hortons Restaurants International GmbH, with proceeds earmarked for store network expansion and working capital.
Key Highlights
- Kwok Wah Cheung appointed Chief Executive Officer of Tims China, effective June 15, 2026.
- Yongchen Lu steps down as CEO and assumes the role of Chairman of the Company.
- Peter Yu steps down as Chairman but will remain as a director.
- Company to issue up to $55.0 million in additional senior secured convertible notes to THRI.
- The new notes will be consolidated with existing $89.9 million notes due 2029.
- Proceeds will fund store network expansion, working capital, and operating expenditure.
- Initial tranche of up to $15.8 million expected in Q3 2026.
- Final tranche of notes expected in Q1 2027.
Price Impact
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