UPDATED: Market Basket ousts chief executive

06/25/2014 08:52:00 AM
Pamela Riemenschneider

UPDATED COVERAGE - A longstanding feud at one of Massachusetts’ largest grocery retailers has resulted in the firing of the chief executive officer and two other executives at Tewksbury-based Demoulas Super Markets Inc.

The board of Market Basket voted to fire chief executive officer Arthur T. Demoulas, director of operations William Marsden and vice president Joseph Rockwell.

Former consultants to the board were elected to executive positions, according to the Lowell Sun. James Gooch, former chief executive officer of Radio Shack was elected co-chief executive officer and chief administrative officer, and Felicia Thornton, a former Albertsons and Kroger executive, as co-chief executive officer and chief operating officer.

Demoulas and family members on the board reportedly disagreed on finances.

There is widespread criticism for the board’s decision, with a Facebook pages Save Market Basket, We are Market Basket and blog wearemarketbasket.com in support of the ousted management, while boston.com reported “hundreds” of employees rallied in support of Demoulas.

Market Basket currently operates 71 stores in Massachusetts, Maine and New Hampshire, and reportedly had $4.6 billion in revenues in 2013.



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