Business & Tech

Power Struggle Brewing Between Demoulas Executives

According to the Boston Globe, a series family feud is happening in the Demoulas family.

Written by Matt Schooley  

Inside of Burlington's Market Basket, it's business as usual. But higher up in the company, a major storm continues to brew, according to a report in the Boston Globe.

The Globe reported that Demoulas, which owns the chain of Market Basket stores, is going through a major power struggle between CEO Arthur T. Demoulas and his cousin, Arthur S. Demoulas.

Arthur S. Demoulas seeks to oust his cousin from his position of power, the Globe reports, which Arthur T. Demoulas claims the company is flourishing under his watch.

"It certainly appears to be in my judgement a group of shareholders looking to extract large amounts of cash out of the company," said Arthur T. Demoulas, according to the Globe, which noted that there are nine shareholders, all members of the family.

According to the newspaper, on June 24 the board was set to vote to fire Arthur T., but a quorum wasn't present because those supporting Arthur S. did not arrive at the meeting. As a result, the family was given a court order requiring them to hold a board meeting on July 18.

In total, there are more than 70 Market Basket stores with at least 21,000 employees, according to the Globe.

Click here to read the Boston Globe's report on the Demoulas family feud in its entirety.


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