Board ousts Market Basket CEO
The Tewksbury company’s board terminated CEO Arthur T. Demoulas, director of operations Bill Marsden and vice president of grocery sales and merchandising Joe Rockwell, Marsden confirmed.
It held elections for company officers at its meeting yesterday morning and chose Felicia Thornton and James Gooch to assume the senior management responsibilities of Market Basket effective immediately, a board spokesperson said in a statement.
Marsden confirmed he was fired, along with Arthur T. Demolas and Rockwell.
“The board’s action today is driven by greed, pure and simple,” Marsden said in a statement. “Arthur T. Demoulas continued the tradition of his father, promising customers ’More for Your Dollar.’ He was fired today after he built the most successful supermarket chain in the Northeast. He implemented a 4 percent across-the-board price-cut for 2014 at a time when people needed it. In reaction, some board members threatened his job and litigation, so concerned were they that this would cut into the company’s profit.”