The board of directors of Market basket Publishes new details after the company has placed CEO Arthur T. Demoulas and several other executives on leave this week.
The company’s disturbance clearly did not slow down business in the market basket in Waltham, Massachusetts. The parking lot was full on Friday afternoon.
But one of the main concerns cited by the customers with whom we have spoken is that prices would increase due to the change in management. The members of the Board of Directors have said that this will not happen and that all the trucks make their deliveries planned and have addressed other reasons to place their CEO on leave.
The Board of Directors has placed Demoulas on leave after having said that it had not provided them with a budget for more than five years and excluded them from the succession of succession. They say that as a form of reprisals, Demoulas provided for a work stoppage.
In response, Demoulas said that under its leaders, “the company is currently operating at its peak performance and that the idea that this advice will conduct an investigation is a wacky coverage for a hostile takeover.”
Jay Hachigian, Chairman of the Board of Directors of Market Basket, challenged this allegation.
“It is not a family dispute. It is simply a question between the board of directors and the CEO,” he said. “This is really a strictly question between the board of directors and the CEO.”
We have spoken with some customers who say that if Demoulas is released, they will not make their purchases here. The Board of Directors here in Market Basket indicates that there is always an in progress investigation.