The Market Basket CEO Survives Another Feud
It seems Arthur T. Demoulas has survived the latest episode in his family’s long-running feud still in tact as CEO of the Market Basket supermarket chain. The family owned company held a 13-hour board meeting Thursday during which allies of his cousin Arthur S. Demoulas sought to oust him, claiming he’s spent money poorly and rejected the board’s authority.
“I am pleased with today’s result. I hope to work constructively with the Board going forward. It is my desire to continue to look out for the best interests of or customers and employees,” Arthur T. Demoulas said in a statement afterward. Hundreds of those employees chanted loudly and made speeches in support of the CEO outside the Wyndham Hotel in Andover, where the meeting took place Thursday.
The attempted ouster is just the latest chapter in very bitter, very public feud between two branches of the Demoulas family, during which their company has somehow remained a success. It began when one of the two brothers who built the company died, and his branch of the family accused the remaining brother of defrauding them into giving up their 50-50 stake. This latest disagreement was prompted when a family member on the baord switched voting allegiances, giving Arthur S. Demoulas the upper hand. Or so it seemed before the meeting. As for what follows, the board remained quiet about their deliberations, so it remains unclear whether this is the last we’ll hear of the disagreement for awhile. If history is any indication, though …