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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.
31 Articles
31 Articles
Market Basket CEO has been fired
TEWKSBURY – The Market Basket board of directors has reportedly voted to fire CEO Arthur T. Demoulas after a failed mediation. The board says the move will not impact store operations. The Demoulas family has been involved with the store since its founding. Arthur Demoulas was placed on leave earlier this year after the board […] The post Market Basket CEO has been fired appeared first on CapeCod.com.
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.
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…
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