The Lowell Sun reports that "Market Basket CEO Arthur T. Demoulas will remain the head of the grocery chain after directors took no action on removing him from the position Thursday.
"Supporters of Demoulas, numbering in the hundreds, lined a street leading up to the Wyndham Hotel Thursday morning and many stayed throughout the day, even as temperatures hit 90 degrees and thunderstorms threatened.
"After the end of a 12-plus-hour meeting, Demoulas left the boardroom, walked into a separate room to meet with company executives, and then was driven outside to meet supporters who stood outside all day for him ... In a statement released through the company, Demoulas said he was 'pleased' with the result and hoped to work 'constructively' with the board.
The family battle was driven by Arthur S. Demoulas, the CEO's cousin, complaining about questionable deals made by management, while supporters of the CEO said that the dissidents just wanted to take more money out of the company at the expense of employees and the stores’ reputation for low prices.
"Supporters of Demoulas, numbering in the hundreds, lined a street leading up to the Wyndham Hotel Thursday morning and many stayed throughout the day, even as temperatures hit 90 degrees and thunderstorms threatened.
"After the end of a 12-plus-hour meeting, Demoulas left the boardroom, walked into a separate room to meet with company executives, and then was driven outside to meet supporters who stood outside all day for him ... In a statement released through the company, Demoulas said he was 'pleased' with the result and hoped to work 'constructively' with the board.
The family battle was driven by Arthur S. Demoulas, the CEO's cousin, complaining about questionable deals made by management, while supporters of the CEO said that the dissidents just wanted to take more money out of the company at the expense of employees and the stores’ reputation for low prices.
- KC's View:
