The CEO of a popular New England grocery chain has been fired.
Market Basket CEO Arthur T. Demoulas, Director of Operations Bill Marsden and Vice President of Grocery Joe Rockwell were all removed Monday, according to Marsden.
In a statement, Marsden wrote "The Board's action today is driven by greed, pure and simple. 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."
Market Basket's board of directors said that Arthur T. Demoulas was removed from management, but would remain a shareholder.
"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," the board of directors wrote in a statement.
Last summer, Arthur T. Demoulas faced a potential ousting as his cousin, Arthur S. Demoulas, and the board of directors voted on his future.
Some members of that board had accused the CEO of mismanaging the company. A family feud dating back to 1971, with the death of Arthur S. Demoulas' father, George. His branch of the family contended that Arthur T. Demoulas' father, Mike, and supporters stole shares. Years of lawsuits have followed.
