"Arthur T. Demoulas is out as Market Basket president and CEO following months of escalating corporate tensions and public mudslinging, the company's board announced Wednesday. Board members voted unanimously late on Tuesday to oust the embattled leader, who had been on paid leave since May amid an investigation into allegations that he and his allies were planning a work stoppage. Specifically, the board suggested Demoulas intended to retaliate after board members demanded both access to key employees and collaboration "regarding the most basic corporate oversight.""
"A popular leader affectionately known as "Artie T.," Demoulas saw a wave of support from some of his Market Basket deputies, dozens of the grocery chain's employees, and even local elected officials. The long-simmering corporate feud pitted Demoulas against his sisters, Caren Demoulas Pasquale, Frances Demoulas Kettenbach, and Glorianne Demoulas Farnham. While Arthur T. controls 28% of the company, his sisters wield a combined 60%."
The Market Basket board voted unanimously to remove Arthur T. Demoulas as president and CEO after months of escalating corporate tensions and public mudslinging. Demoulas had been on paid leave since May amid an investigation into allegations that he and allies planned a work stoppage. The board accused Demoulas of intending to retaliate after demands for access to key employees and collaboration on corporate oversight, and cited concerns about transparency and succession planning. Demoulas retained support from some deputies and employees. Mediation on Sept. 3 failed, and the board filed in the Delaware Court of Chancery to make the removal official.
Read at Boston.com
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