CEO of Market Basket Facing Vote Out of Company
After the news of Shaw’s closing six of its locations, including the location in Fairhaven, another local supermarket is facing some trouble.
Boston.com reports that Market Basket is currently seeking to vote out its CEO, Arthur T. Demoulas, after a long standing family battle that has turned very ugly. The argument, which is being brought fourth by Demoulas’ cousin states that Demoulas:
…gained control of the board and is accusing him of steamrolling directors and spending money recklessly, including transactions with companies owned by his wife and brothers-in-law.
The board is seeking a vote to oust him as CEO this week. Demoulas maintains that Market Basket has grown with him in the lead role, and made steady financial gains.