TEWKSBURY, M.A.- Market Basket’s Board of Directors has fired CEO Arthur T. Demoulas.
Tuesday’s decision comes as Demoulas and the board, which includes his sisters, Frances Kettenbach, Glorianne Demoulas Farnham and Caren Demoulas Pasquale, were taking part in mediation after Demoulas was placed on paid leave in May after officials accused him and two other executives of trying to rally support for a work stoppage in order to protect Demoulas’s role as CEO.
Following this news Justine Griffin a spokeswoman for Demoulas issued a lengthy statement explaining how Demoulas was deeply disappointed that the mediation efforts failed, despite his best efforts as Demoulas was focused on returning to his role in leading the grocery chain but soon realized that there was no chance that a resolution could be reached.
Meanwhile the Grocery chain’s board of directors issued a statement explaining that the store isn’t planning to 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.
