Top executives at Market Basket have strongly denied allegations that CEO Arthur T. Demoulas was planning a work stoppage to protect his position amidst tensions with the board. After placed on paid leave due to allegations of non-compliance, executives refuted claims of conspiracy by stating such accusations are preposterous. The Demoulas family feud resurfaces, echoing prior conflicts that led to Arthur T. Demoulas's previous ousting and the subsequent significant corporate buyout. Currently, Arthur T. holds a minority stake compared to his sisters, raising questions about the dynamics within the company’s leadership.
The accusation that the management team ... is somehow involved in planning a walkout is false. The assertion that, because the board feels that he has differences with them, would have him want to stage a walkout of some type is preposterous, said Joe Schmidt, director of operations for Market Basket.
The fighting now appears to be among Demoulas's immediate family. According to the Globe, Arthur T. owns a 28% stake in the company, and his three sisters, who helped him finance the 2014 purchase, own 60% of the company.
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