The Board of Directors of the market basket suspended Arthur T. Demoulas with immediate effect, as the company carries out internal investigations of its behavior, its Council said on Wednesday.
The market council claimed that the behavior of Demoulas and several other executives threatened the company’s operations.
The Board of Directors said it was investigating “trusted accusations that Mr. Demoulas began to plan to disrupt the business and operation of the market basket with the stopping of the office”.
Demoulas, however, denied the accusations and said that the action was a “hostile acceptance” of society.
“The company is currently operating on its top performance and the idea that this advice will investigate is a fradic cover for enemy takeover,” said his spokeswoman Justine Griffin.
Demolous’s daughter, Madeline and Son, Telemachus, were among other executives who were placed on holiday.
Here is everything you need to know about the CEO of Market Basket Arthur T. Demoulas.
Who is Arthur T. Demoulas
Arthur Telemachus Demoulas was born in 1955 and spent his youth work in his family business – a chain of marketplays of supermarkets that are popular throughout New England.
A year after graduation at Bentley College in 1974, Demoulas joined the board.
In the end, he became Vice President of the Society, but stopped from his position after the 1999 court order, even though he stayed on board.
In 2014, Arthur T. Demoulas was pushed out of the company’s council when the market basket was dominated by his cousin Arthur S. Demoulas. His Ohster caused massive protests when customers decided to boycott chain and employees who are not units, went to strike.
Within two months, the Council was to sell its shares of Arthur T. and his sisters and returned as the CEO of the market basket.
During the passage of the investigation, Demoulas will remain on full salary, the company said. During this time, the market basket will be operated by the existing management team.
The Board of Directors also stated that the CEO “also resisted the appropriate succession plan for the market basket and claimed that he had a unilateral right to appoint his children to follow him without considering the opinion of the board or the majority owners of the market basket”.
(Tagstotranslate) Market basket
