Family dispute at Market Basket: CEO Arthur T. Demoulas set on vacation!
Family dispute at Market Basket: CEO Arthur T. Demoulas set on vacation!
The family dispute at Market Basket escalates again after CEO Arthur T. Demoulas and five other companies of the company were put on paid vacation. This was driven by the persistent tensions within the Demoulas family that fight for control over the company. According to IT-BoltWise accuses the Demoulas board of directors to plan a work stop against him. prepare. Steven Collins, a member of the Board of Directors, announced that it would examine the allegations against demoulas.
There is consideration that Demoulas, who owns 28 % of the company, makes self -authorized decisions that affect succession planning for his children, among other things. Justine Griffin, spokeswoman for Demoulas, has pushed responsibility for the leave of absence on his sisters and their board members and described the examination as a farce, which only serves as a guise for an enemy takeover.
background and protests
Market Basket, which was founded by the Demoulas family in Lowell over a century ago, operates over 90 branches in New England. The corporate conflict is not new; In 2014, the dismissal of Arthur T. Demoulas led through a board of directors, controlled by cousin, Arthur S. Demoulas, to massive protests that were supported by thousands of employees. These protests caused empty shelves in the shops and even led to layoffs of employees who were held responsible for their actions against the company.
The uncertainty at the time of the future of Market Basket finally ended on August 27, 2014 with a takeover deal by Arthur T. Demoulas for almost $ 1.6 billion. Looking back on this turbulent time, the company thanks its customers for their support.
Current developments and financial aspects
The current circumstances around Arthur T. Demoulas have led to the decision that he received full wages and corporate profits during his leave of absence. The situation remains unchanged for the employees, and the company's popular profit sharing plan remains. However, Collins does not believe that the current tensions will have negative effects on customers, and emphasizes that this is an everyday discussion between the board and CEO.
In a further development, Market Basket plans to pay off the remaining debts from the takeover deal in the next few months and recently opened a new shop in Topsham, Maine. It remains unclear how long the investigation of the allegations against demoulas will actually take.| Details | |
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| Ort | Topsham, Maine, USA |
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