In echo of 2014 struggle, Market Basket board sidelines ‘Artie T.’ from CEO spot
Published: 05-29-2025 8:10 AM
Modified: 05-29-2025 1:31 PM |
In an echo of an unusual corporate fight that produced six weeks of protests and boycotts in 2014, the board of directors of the Market Basket supermarket chain have again pushed out CEO Arthur T. Demoulas.
Arthur T. Demoulas and several others have been placed on paid administrative leave, employees were told Wednesday in a memo signed by the board of directors of Demoulas Super Markets Inc., as reported by a number of news organizations.
The news produced online discussion about possible protests and boycotts by customers or workers, simi lar to those seen in 2014 when the board removed Arthur T. Demoulas for about six weeks. That unusual protest, which ended with Demoulas being reinstated, has been the subject of at least one book (“We Are Market Basket: The Story of the Unlikely Grassroots Movement That Saved a Beloved Business”) and one documentary (“We the People: The Market Basket Effect” on Prime Video).
A tour of Concord’s Market Basket stores on Thursday morning found a number of shoppers had already heard the news and some had opinions.
“I have a feeling there might be a walk-out if they try to push Arthur out again and I wouldn’t blame them because the employees really like the guy,” said Mark Whittemore, who has been shopping at Market Basket on and off for 30 years because of what he said are good prices. “He treats them like people, not like a number.”
The board of directors’ memo stated: “While Mr. Demoulas is on leave, an investigation will be conducted that will include a review of credible allegations that the CEO began to plan a disruption in the business and operations of Market Basket. The Board believes that these steps were taken by Mr. Demoulas and others in retaliation against the board for requiring that the CEO work collaboratively with the Board regarding basic company operations and plans.”
A spokesperson for Demoulas released a statement on his behalf, calling the investigation into the allegations “a farcical cover for a hostile takeover.”
“Today, Mr. Arthur T. Demoulas was ousted from his position as President and CEO of Market Basket by his three sisters and their three appointed board members – Jay Hachigian, Steven Collins, and Michael Keyes. His daughter, Madeline, and son, Telemachus, and several other Market Basket executives were also placed on leave,” Demoulas’ spokesperson, Justine Griffin said in the statement. “The company is currently operating at its peak performance and the notion that this board is going to conduct an investigation is a farcical cover for a hostile takeover.”
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In 2014, Arthur T. Demoulas was booted from the family-owned Tewksbury, Mass. firm amid a power struggle with his cousin, Arthur S. Demoulas. Workers and many managers across the company walked off the job to support the man known as “Artie T,” who has the reputation of putting workers ahead of corporate profits.
The resulting six-week struggle saw many shoppers boycott Market Basket, creating empty stores featuring unusual features such as long shopping lists from competitor stores that customers taped to windows. In multiple stories the Monitor reported that managers as well as empoyees from the Market Basket on Storrs Street attended rallies in Tewksbury to support Artie T., that deliveries dried up as truckers supported the boycott, and that other company’s supermarkets in the region reported big crowds of Market Basket regulars who were supporting the boycott.
Despite high tension, no violence occurred. Then-Massachusetts Gov. Deval Patrick helped broker negotiations and a $1.5 billion deal was reached, allowing Arthur T. Demoulas to regain control of the company. That debt has since been paid off.
Market Basket has 95 stores throughout New England, including three dozen in New Hampshire, three ofg which are.