Market Basket Management Team Ousted
The Market Basket grocery chain board has removed the company president and two other 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.” It said vice president Joseph Rockwell and director of operations William Marsden also were removed at the board meeting in Boston.
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 and won a court judgment to distribute $300 million to shareholders, which his cousin had opposed.
The company has 71 stores in Massachusetts and New Hampshire.