Market Basket board fires CEO Arthur T. Demoulas, lawsuit pushes back
Artie T, the face behind the Market Basket grocery store chain, has been fired.
The board announced this morning that “the mediation was not successful” and Arthur T. Demoulas is being shown the door.
The Herald has learned that Artie T has filed a lawsuit in a Delaware court, reportedly challenging his dismissal from the chain he has championed his entire career.
Here is the full statement sent to the Herald:
Statement Regarding Arthur T. Demoulas Removal from Board Chair Jay K. Hachigian
“Despite extensive efforts by the Board and Mr. Demoulas to come to terms, the mediation was not successful. The Market Basket Board late yesterday voted unanimously to remove Arthur T. Demoulas as President and CEO of Market Basket. The Board has filed an action in the Delaware Court of Chancery in connection with the removal.
The Board met with Mr. Demoulas on Sept. 3 in a confidential mediation in Delaware before former Vice Chancellor Joseph Slights III and continued the mediation via video conference on Sept. 9. The parties agreed not to comment publicly during that time.
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.”
This is a developing story …
