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Market Basket CEO Arthur T. Demoulas Fired - The Business Journals
The dispute involved demands for financial transparency and succession concerns; the board controls 60% ownership and represents the interests of Demoulas's sisters, the majority stakeholders.
- On Tuesday evening, Market Basket's board unanimously decided to oust Arthur T. Demoulas from his roles as president and CEO at their headquarters in Tewksbury.
- In May, Demoulas was put on paid administrative leave following accusations that he intended to organize a retaliatory work stoppage involving thousands of employees.
- The board accused Demoulas of defying oversight, acting autocratically despite owning 28.4% of shares, and directed associates to 'lay the seeds for a walkout.'
- Board Chair Jay Hachigian affirmed that Market Basket will maintain its current business practices, including employee profit-sharing and bonus programs, as well as its distinctive company culture, while continuing to provide customers across New England with high-quality groceries at the most competitive prices.
- The firing triggered six weeks of employee walkouts, warehouse protests, and customer boycotts, pressuring Demoulas and his sisters, who control 60%, into mediation efforts.
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Market Basket board fires CEO Arthur T. Demoulas
The Market Basket Board voted unanimously late Tuesday to remove Arthur T. Demoulas as President and CEO of the beloved New England supermarket chain that has been caught up in a family feud over its ownership for years.
·Boston, United States
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Market Basket board slams CEO as a 'dictator' as it ousted him from family-run company
Market Basket CEO Arthur Demoulas is currently on administrative leave.Joanne Rathe/The Boston Globe via Getty ImagesMarket Basket CEO Arthur T. Demoulas has been fired from the family-owned grocery chain.He was ousted following allegations that he was planning a work stoppage.In court papers, Market Basket's board blasted Demoulas as a "dictator."The CEO of the family-owned New England grocery chain Market Basket has been fired by the supermark…
·United States
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Coverage Details
Total News Sources24
Leaning Left3Leaning Right2Center14Last UpdatedBias Distribution74% Center
Bias Distribution
- 74% of the sources are Center
74% Center
L 16%
C 74%
11%
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