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Market Basket Board Says It's Considering Arthur…

Market Basket Fires CEO

Two other executives were also let go.

Market Basket. Credit: Patch
Market Basket. Credit: Patch
By John Waller/MA Patch

Market Basket’s board of directors fired CEO Arthur T. Demoulas on Monday morning, according to a statement from the board.

Demoulas will not retain any management responsibilities moving forward. He will remain a shareholder, according to the statement.

The grocery store chain, which does business under Demoulas Super Markets Inc., replaced Demoulas with co-CEOs.

The board elected Felicia Thornton and James Gooch as co-CEOs Monday. Thornton will also serve as the company’s Chief Operating Officer, Gooch as Chief Administrative Officer. They have both been serving as consultants for the company, according to the statement.

“The Board believes this new management team will enable Market Basket to maximize its potential and pave the way for continued success in the future,” according to the statement.

Thornton was most recently the CEO of Knowledge Universe U.S., the largest private early childhood education provider in the country. Gooch comes to Market Basket from the RadioShack Corporation, where he was president and CEO.

In addition to Demoulas, the board let go of Joseph Rockwell, a vice president with the company, and Director of Operations William Marsden.

The firing is the latest in a public war for control of the grocer chain. Consumers on the Save Market Basket Facebook website are calling for a boycott of the chain

Market Basket has 71 locations in Massachusetts, New Hampshire and Maine. It’s headquartered in Tewksbury, MA.

What do you think? Will you shop somewhere else or stick with Market Basket? Leave a note in the comment section and tell us what you think!

ssgould June 24, 2014 at 02:03 PM
The people trying to wrest control of the company will jack up prices to feather their own nests. If this happens, I will no longer drive 20 miles one way to shop as there are alternative grocery stores nearby. ROB
SPH June 24, 2014 at 02:39 PM
MB has always been about High Volume & Low Prices. Ask any vendor, if your product isn't putting up big numbers, it's outta there...in a heartbeat. So, I can't see them changing that approach, which has been their formula for success. They'd be killing the goose that laid the golden egg. Only time will tell, however.
Angela Cheries June 25, 2014 at 07:22 AM
please don't change a thing...prices are good... selection is good. I do shop at Shaw though for there Organic selection, but I have always preferred Market Basket they have a better organic meat selection.
Old Pizza June 28, 2014 at 09:15 AM
I've shopped at Market Basket for 50 years. They have a better selection, better variety, and the other stores can't tough their prices. I doubt you'll see much of anything change. MB is the most successful regional chain in the country and to mess with that would be suicide.
Edward Frotten July 17, 2014 at 12:56 PM
cant wait till Kroger's buys out market basket-and then you'll see a real saving at the check -out lines!

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