"Arthur T. Demoulas, who served as the president and CEO of Market Basket, was slammed as a "dictator" by the board in a 35-page complaint filed on Tuesday in the Delaware Court of Chancery in connection to his removal from the company. "Mr. Demoulas forced the Board to choose between accepting his autocratic control of Market Basket or terminating him in order to protect a vibrant and growing business that cannot flourish over the long-term under the leadership of a dictator," the court papers read."
"The board met with Demoulas last week in a confidential mediation in Delaware, and both sides agreed not to comment publicly during that time, said the board chair. "We assure our valued associates and customers that, as we have demonstrated over the past several months, Market Basket will not change its operations, profit-sharing, bonuses or culture, and will continue to offer the best groceries at the lowest prices anywhere in New England-well into the future," Hachigian said."
Arthur T. Demoulas was removed as president and CEO of Market Basket after the board unanimously voted to terminate him following a failed mediation. The board filed a 35-page complaint in Delaware Court of Chancery accusing Demoulas of autocratic control and calling him a "dictator." The removal followed a long-running power struggle and a probe into allegations that Demoulas secretly planned a work stoppage. Board chair Jay Hachigian said the board and Demoulas attempted to reach terms without success and reassured associates and customers that operations, profit-sharing, bonuses and company culture will remain unchanged. Demoulas contests his termination.
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