CFO sues Ron Joyce, founder of Tim Hortons, for $7 million
• The longtime chief financial officer of the company that manages the wealth of Ron Joyce, co- founder of Tim Hortons doughnuts, is suing Joyce for $ 7 million, alleging that Joyce’s “intentional infliction of mental suffering” in recent months amounts to constructive dismissal.
David Wagstaff joined Jetport Inc. of Burlington, Ont., which manages Joyce’s investments, in 2004, according to a statement of claim filed this week at Ontario’s Superior Court of Justice in Toronto. The company runs Joyce’s golf resort and spa at Fox Harb’r, N. S., and an aviation charter business out of Hamilton’s airport.
In 2015 Wagstaff earned $ 390,000 in salary, bonus, car allowance and retirement plan contributions, according to the claim.
Wagstaff is a trustee of the Joyce Foundation, an executor of Joyce’s will and a power of attorney for Joyce. The suit estimates the net worth of Joyce, 85, at $1.5-billion. Canadian Business magazine put Joyce’s net worth at $1.3 billion last year.
The lawsuit alleges that after Joyce fired Tim Armstrong, Jetport’s longtime president, in December 2014, “Joyce systematically verbally abused, insulted and threatened the plaintiff.”
Joyce accused Wagstaff and his own son, Grant Joyce, “of supporting fraudulent per diem expense claims by aviation personnel, which accusations were unfounded,” the suit claims.
Joyce also called Wagstaff back early from an annual business trip to the Nova Scotia golf course and “accused him of having someone accompany him to the resort, which was false,” says the suit.
Joyce later told Wagstaff, “from now on, you will call me ‘ Mr. Joyce,’ ” and added, “one of us has to go.” Joyce called Wagstaff a “deceitful f--ing asshole,” according to the claim.
The allegations have not been proven in court.
In a telephone interview from Burlinton Tuesday, Joyce called the suit “unfortunate.
“I chose to come back full time,” he said. “I reserve the right to run my company.
“Mr. Wastaff is a very good man,” he added. “I have asked him to do certain things and trusted his judgment. He got an increase in his bonus. I gave him a $50,000 advance and $ 30,000 at Christmas. That isn’t all bad. I quit the police department making $90 a week.
“He ( Wagstaff ) decided to sue me for whatever reason,” Joyce said. “I think I’m a good employer. I questioned the expenses, yes. Is it improper for me as the guy who is paying the bills to ask questions? I’d like to believe I can hold my head high. If I gotta be tried by my peers I accept that.”
Joyce said he did ask Wagstaff to call him “Mr. Joyce.”
“We’ve always been Ron and David. Now the respect for each other is gone.”
He added, “Most everybody here calls me Mr. Joyce. They don’t call me, ‘ Hey, Ronnie-baby.’ ”