Board Removes Market Basket CEO After Family Feud
BOSTON (AP) — The Market Basket grocery chain board has removed the company’s president and two top executives after months of in-fighting.
The board said Monday that Arthur T. Demoulas, “was not re-elected president and will not retain any management responsibilities moving forward.” Vice president Joseph Rockwell and director of operations William Marsden were also removed.
Marsden said the action was “driven by greed” after Arthur T. Demoulas implemented a 4 percent price cut.
The Demoulas family has feuded over company control for years. Arthur T. Demoulas’s cousin and rival, Arthur S. Demoulas, gained control of the board last year.
The company has 71 stores in Massachusetts and New Hampshire.