Second Cup was hit by a sudden executive departure yesterday when CEO Alix Box confirmed she would be stepping down from her role – just two days before the company’s annual meeting.
The shock announcement comes just three years after Box left luxury retailer Holt Renfrew to lead a rejuvenation effort at the struggling Canadian coffee chain.
"Second Cup today is a much better company than three years ago," company chairman Michael Bregman said in a press release.
“We thank Alix for her leadership and contributions over the past three years. At this time, we are focused on capitalizing on the considerable potential to build value at Second Cup.”
Box had been one of seven people nominated as directors but she is also leaving the board immediately – the company named board newcomer Gerry MacDonald as its interim CEO.
MacDonald is CEO of a firm that provides consulting services to multi-brand franchise organizations, including Yogen Fruz and Pinkberry. Prior to his stint at Maccess Management International, MacDonald was president of Country Style Donuts and Bunsmaster Bakeries.