"Arthur T. Demoulas is deeply disappointed that mediation failed despite his very determined efforts to reach a resolution. Over time, it became clear to us that this was not a good faith effort by the board or his sisters to reach agreement on the issues created by their abrupt actions placing Arthur T. Demoulas, his family and members of his senior management team on leave. It is now crystal clear that they had no intention of reinstating Mr. Demoulas."
"As we said on May 28, the Board's actions are a farcical cover up for a coup. The so-called investigation was designed from the start to falsely tarnish the reputation of Mr. Demoulas and his leadership team. Mediation has now demonstrated that to be true. These three board members and the sisters who elected them have removed the senior leadership of the company and all independent board members."
Arthur T. Demoulas was removed as Market Basket president and CEO following a board vote amid a long-simmering corporate feud with his sisters, who together control more than 60% of the company. A spokesperson said mediation failed despite Demoulas's determined efforts and alleged that the board and his sisters acted in bad faith with no intention of reinstating him. The spokesperson described the board's investigation as a farcical cover-up and a coup, accused certain board members of violating fiduciary duty, and said the actions removed senior leadership and independent directors, throwing a high-performing company into turmoil on fabricated grounds.
Read at Boston.com
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