TEWKSBURY, Mass. — Market Basket‘s top leaders are slated to meet on Wednesday for a mediation session in Delaware as the fight for control of the Tewksbury-based grocery chain drags on.
Arthur T. Demoulas, the longtime CEO of Market Basket, was put on leave in May after the company’s board accused him of planning a work stoppage.
In recent weeks, several other executives loyal to Demoulas have also been fired, including Joseph Schmidt and Tom Gordon, who were both banned from setting foot on the grocery store chain’s property.
Schmidt and Gordon called their firings a “pre-planned coup” spearheaded by the Demoulas sisters, who are majority shareholders in Market Basket.
The three Demoulas sisters, Frances Kettenbach, Glorianne Demoulas Farnham, and Caren Demoulas Pasquale, later voted to oust longtime board member Bill Shea, their brother’s last remaining ally.
The company’s board placed Demoulason on paid administrative leave on May 28 over allegations that he had been considering leading a work stoppage.
Jay Hachigian, Steven Collins, and Michael Keyes are the only board members remaining, all of whom were appointed by the three Demoulas sisters.
Earlier this summer, the board said the investigation into Demoulas “is nearly complete."
The outcome of the mediation meeting will be crucial in determining the future leadership and direction of Market Basket.
This is a developing story. Check back for updates as more information becomes available.
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