Management ChangeJun 9, 2026, 06:16 AM
Tims China Appoints Kwok Wah Cheung as CEO; Secures $55M in New Notes
AI Summary
Tims China announced a significant leadership transition, appointing Mr. Kwok Wah Cheung as its new Chief Executive Officer, effective June 15, 2026. Current CEO Mr. Yongchen Lu will assume the role of Chairman, while Mr. Peter Yu steps down as Chairman but remains a director. Mr. Cheung brings over 20 years of experience in consumer businesses in China. Concurrently, the company secured up to an additional US$55.0 million in senior secured convertible notes from Tim Hortons Restaurants International GmbH, which will fund further store network expansion and working capital.
Key Highlights
- Kwok Wah Cheung appointed CEO of Tims China, effective June 15, 2026.
- Yongchen Lu transitions from CEO to Chairman of the Company.
- Peter Yu steps down as Chairman but remains a director.
- Company secured up to US$55.0 million in additional senior secured convertible notes.
- Initial tranche of $15.8 million of new notes to be issued in Q3 2026.
- Proceeds from notes will fund store network expansion and working capital.
- Under previous leadership, Tims China grew to 1,026 stores across 93 cities by March 2026.
- Loyalty club community reached over 35 million members.
Price Impact
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