The Demoulas Super Markets Board of Directors has said in a statement that the Board’s executive search firm is currently not seeking a new president to replace Arthur T. Demoulas.
“Arthur T. Demoulas continues to be President of Market Basket, and the Board is not currently looking for a new President,” said the Board. “Under the Company’s Bylaws, the role of the President is to manage the general day-to-day operations of the business. His various responsibilities including purchasing, pricing, customer satisfaction, and employee training and retention. The Board has no intention of changing or assuming those duties.”
Arthur T. has been involved in ongoing courtroom battles with his cousin Arthur S., who has been seeking the CEO’s removal.
In the coming year, the Board will continue providing counsel and oversight on various matters, including the implementation of a growth strategy as it is presented to them by Arthur T., the management team, the capital structure of the business, and investment decisions, according to the statement.
Stay tuned to AndNowUKnow as we continue our coverage on the Demoulas disputes.
