The board of grocery store chain Market Basket voted unanimously Tuesday evening to fire President and CEO Arthur T. Demoulas, months after placing him on leave.
Demoulas met with the board in mediation on Sept. 3 and Sept. 9, but both sides apparently could not reach a resolution.
“We assure our valued associates and customers that, as we have demonstrated over the past several months, Market Basket will not change its operations, profit-sharing, bonuses or culture, and will continue to offer the best groceries at the lowest prices anywhere in New England—well into the future,” said Board Chair Jay K. Hachigian in a statement.
Demoulas and two other company executives were placed on leave in May, when the board accused them of preparing to lead a work stoppage and launched an investigation. Shortly after his suspension, Demoulas denied the board’s claims, calling it a facade for a “hostile takeover” of the grocery store chain.
The firing comes 11 years after Demoulas was fired from his position in 2014, with another wing of the Demoulas family, led by his cousin, Arthur S. Demoulas, taking over.
The firing prompted two months of protests by Market Basket employees that ultimately led to Arthur T. Demoulas and his sisters buying the other family members out of the company.
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