Photo captured from MassLive video
Numerous Boston media outlets are reporting this morning that Market Basket’s Board of Directors has fired longtime CEO Arthur T. DeMoulas, indicating that mediation sessions held on September 3 and again yesterday were not successful
“Despite extensive efforts by the Board and Mr. Demoulas to come to terms, the mediation was not successful. The Market Basket Board late yesterday voted unanimously to remove Arthur T. Demoulas as President and CEO of Market Basket. The Board has filed an action in the Delaware Court of Chancery in connection with the removal,” Board Chair Jay K. Hachigian wrote in a statement.
DeMoulas had been placed on leave in late May amid reports of an internal investigation into whether he and associates were planning to organize an employee walkout and customer strike, similar to what occurred in 2014, when the supermarket chain’s leader had been fired in a power struggle with his cousin Arthur S. DeMoulas.
At the time, pressure from employees and customers led to Arthur T. returning to the helm and buying out his cousin with the help of his sisters, who are now at the core of the current situation.
The Boston Herald is reporting that a lawsuit has also been filed against DeMoulas in Delaware, where the company is incorporated.
2 responses to “Reports: Board Fires Arthur DeMoulas”
Lost my buisness
More for your Dollar ? ?
And you throw your Brother to the curb. After he grew the chain to 79 store throughout NE & Billions in added revenue .
This is an In-Law take over that will not take the test of time, just a family feud over multi millions of $$$.
Watch for self-checkout, higher prices and fewer local workers.
The Brooks Brothers suited Lawyers will do well, Chain Sale in 3-5 years.
DeMoulas Family gatherings will never be the same.
Very Sad.