WALTHAM, Mass. — Shoppers are concerned about the future of Market Basket after the company’s board voted unanimously to remove longtime CEO Arthur T. Demoulas.
“I think it’s terrible, you know,” said Dave Nagle, a longtime customer of the Tewksbury-based grocery chain.
The popular chain, known for its low prices, is now without its CEO.
The Market Basket board said, despite extensive efforts by the company and Artie T in mediation, it was not successful. The board voted late Tuesday to cut ties with him.
“Nobody really knows what the underlying thing was. Why did you get rid of somebody when it was working well?” Diane Nee, of Waltham, wondered.
Arthur T. Demoulas was put on leave in May after the company’s board accused him of planning a work stoppage.
In recent weeks, several other executives loyal to Artie T were fired and banned from stepping foot on Market Basket property.
The fired executives claimed their firings were spearheaded by the Demoulas sisters, who are majority shareholders in Market Basket.
The board released a statement saying, “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."
That’s what customers like Diane Nee are hoping for. She’s been coming to the Market Basket in Waltham since it opened.
“That was the best thing ever because you talk to anybody and they’re like, ‘You got to go Market Basket because they got the best prices.’ That’s what we want to keep them as, and as long as they do that,” Nee said.
This isn’t the first time Artie T. was ousted by the board.
In 2014, the board fired him following a power struggle with his cousin. Workers went on strike and customers boycotted, resulting in a deal to sell the company back to Artie T.
Customers are skeptical of what will happen this time around.
“It’s sad, you know,” Nagle said. “Best place to go, at least it has been.”
The board filed an action in a Delaware court in connection with the removal, claiming Artie T was a minority stockholder but acted as the sole owner of the company.
We have reached out to Arthur T. Demoulas for comment.
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