The longtime leader of Market Basket, CEO Arthur T. Demoulas, has been suspended while his conduct is investigated, the company’s board said Wednesday. Demoulas said two of his children and several other executives were also placed on leave and the investigation is a “farcical cover for a hostile takeover.”
The Executive Board of Directors for the supermarket chain announced Demoulas, better known as “Artie T,” had been placed on paid administrative leave effective immediately.
The board said it is investigating “credible allegations that Mr. Demoulas began to plan a disruption of the business and operations of Market Basket with a work stoppage.”
“Hostile takeover”
A spokesperson for Demoulas said he was ousted from his position as president and CEO by his three sisters and their three appointed board members…