Market Basket's CEO Arthur T. Demoulas has been put on paid leave as the board investigates allegations of his conduct, rekindling a long-standing family feud. His daughter and son are also on leave, prompting Demoulas to call the board's actions a 'farcical cover for a hostile takeover'. This internal conflict mirrors a similar family dispute from 2014 when Demoulas was ousted by a cousin, leading to widespread protests. Eventually, Demoulas regained control, but the latest developments raise concerns about the future direction of the supermarket chain.
The board cited concerns over transparency and succession planning, alleging misconduct without revealing details. This has reopened old wounds in a historic family feud within Market Basket.
Arthur T. Demoulas contested the board's actions, labeling them as a 'farcical cover for a hostile takeover', indicating deep divisions within the family and the company.
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