Market Basket shoppers, workers and shareholders dodged a bullet Thursday when the grocery chain's board backed away from a proposal to fire CEO Arthur T. Demoulas, according to a former independent board member.
"There's no question in my mind that if they remove Arthur T. Demoulas as president, the value of the company will go down significantly," said Charles Roazen of Weston, who in June ended a 14-year tenure on the Tewksbury company's board. "He's an excellent operator. It would be a shame if they disrupted the culture of the company, which respects its employees ... (and) customers."
Market Basket took good advantage of a nose-diving real estate market to increase its store count and market share while remaining profitable, according to Roazen, who was elected to the board after a 1999 court order mandated three independent directors.
During a nearly 13-hour meeting Thursday in Andover, the current Market Basket board failed to act on an agenda item motioning for Demoulas' removal. Shareholders led by cousin Arthur S. Demoulas were hoping to wield new power after the June election shifted a board majority to their favor.
Arthur T. Demoulas, in a statement after the meeting, said he hoped to work constructively with the board going forward.
A spokeswoman for Demoulas had no further comment yesterday, and Arthur S. Demoulas, other shareholders and board members did not return calls for comment.
CEO since 2008, Arthur T. Demoulas is credited with increasing the 71-store chain's revenue from $2.48 billion in 2007 to $4 billion in 2012, when net income was $217 billion. And he remains well-respected in the industry, said Kevin Griffin, publisher of the Griffin Report of Food Marketing.
"He's knowledgeable, and he's a steward for a family business that has a model that works," Griffin said. "Profits are more than above average."
Employees' efforts on Demoulas' behalf — including petitions and newspaper ads — likely influenced the board, he said.
U.S. Rep. Niki Tsongas (D-Mass.) was pleased with the outcome: "... People travel from afar to take advantage of (Market Basket's) tremendous savings, the impact of which can't be understated in the daily lives of residents throughout the region. Market Basket has never stopped growing since its formative days in Lowell. ... All of this has been made possible under the leadership of Arthur T. Demoulas."
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