<p><img class="small-cropped-image" src="https://cdn.andnowuknow.com/legacySmallCroppedImages/market_basket_exec_hold_july_2013_BODY.jpg" alt="Cropped Images July 18th 2013" />Arthur T. Demoulas remains President of the Market Basket supermarket chain after 12 hours of debate Thursday Jul 18 and despite concerns that he has spent money recklessly and ignored the authority of directors.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">A contentious meeting of the family-owned company’s board wrapped at 10p.m. without acting on a motion for Demoulas’ removal. It will meet again on Aug. 22. The stalemate momentarily ends an impassioned fight over the Tewksbury-based supermarket chain, which has remained highly profitable despite near constant infighting for more than 20 years, according to the Boston Globe.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">“I am pleased with today’s result. I hope to work constructively with the board going forward,” Demoulas said in a statement. “It is my desire to continue to look out for the best interests of our customers and employees.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">“He’s the most honorable man I’ve ever met — loyal to his customers and employees,” said John Sevastis, 51, a store director in Fitchburg who has worked at the company for decades. “Mr. Demoulas has provided for our family, and we will never forget it.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Some members of the ever-feuding Demoulas family, however, have argued that his intentions are anything but honorable. In court papers, they accuse him of “self-dealing” transactions that directed tens of millions of dollars to real estate businesses owned by his wife and brothers-in-law. He’s also been accused of mismanaging the company’s employee profit-sharing plan.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Arthur T. has retorted that his opponents, including his first cousin, Arthur S. Demoulas, merely want to gain greater control of the company so they can pay themselves hundreds of millions of dollars in distributions. He has also said the deals involving his wife and brothers-in-law were fully vetted and cleared by an outside arbiter.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The fight is just the latest battle in a two-decade war over management and ownership of the company.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The events of the meeting are unclear. Employees and relatives of the combatants were present around the property throughout the day, but were unable to glean much information about the meeting.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Like the family it represents, the board has gained notoriety for waging bitter fights over everything from meeting decorum to real estate transactions.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">For now Arthur T. Demoulas’ position is secure, at least, until the board meets again on Aug. 22.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.bostonglobe.com/2013/07/18/marketbasket/qKpk8JGaLsmUmLwJ0oItHL/story.html#" target="_new">Market Basket Report</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
