Market Basket Board Set For Thursday Meeting in Boston

Written by Christopher Gambon

The Market Basket board of directors will meet Thursday in Boston, with CEO Arthur T. Demoulas's future with the company once again in question.

The board will hold a closed doors meeting at the law offices of the Ropes and Gray in the Prudential Tower in Boston at 7 a.m. on Thursday, according to a report from the Lowell Sun.

The CEO is at odds with his cousin, Arthur S. Demoulas, who has lobbied board members to remove him, arguing he has not listened to the board and not spent money wisely.

Market Basket employees have largely come out in support of Arthur T. and his profit-sharing plan.

According to the Sun, the board of directors voted in August to hire an executive search firm which is expected to recommend removing Arthur T.

Arthur T. has also filed a lawsuit asking a Suffolk Superior Court judge to nullify board of directors votes where director Keith Cowan voted in the majority and remove Cowan from the board, according to the Sun.

The lawsuit is scheduled for a preliminary hearing in Suffolk Superior Court on Thursday, according to the Sun.

Burlington has a Market Basket on Middlesex Turnpike. 

Check out the full story by the Lowell Sun on Thursday's Market Basket board of directors meeting.