MISSISSAUGA, Ont. — The Second Cup’s CEO is leaving the company abruptly, three years after the former Holt Renfrew executive was brought on to lead a rejuvenation of the Canadian coffee chain.
The company (TSX:SCU) says Alix Box’s departure is effective immediately, just two days before the company’s annual meeting on Friday.
She had been one of seven people nominated as directors, but Second Cup says she’s also leaving the board immediately.
Box is being replaced as chief executive on an interim basis by Garry MacDonald, who joined the company’s board of directors earlier this year.
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.
Within months of Box’s arrival at Second Cup in February 2014, the company announced plans to reduce head office employees, reach new agreements with its franchisees, and raise fresh capital.