A new online petition supporting Market Basket CEO Arthur T. Demoulas calls on his rival cousin, backing a move to unseat him, not to "underestimate the damage you will do to thousands of families if your corporate raid is successful."
The petition addressed to shareholder Arthur S. Demoulas, which has garnered 1,728 signatures since its July 31 posting, credits the CEO as a leader who "works tirelessly for our growth as if we were family."
"We fought for him and helped to save Market Basket, but that was just round one," it states. "We understand that Arthur S. Demoulas will continue to look for ways to oust our CEO based on an agenda that is driven by spite and greed rather than job performance."
Company shareholders led by cousin Arthur S. Demoulas won a court order forcing directors backing the CEO to attend a July board meeting at which his removal was set for a vote. Court documents allege fiscal recklessness and a lack of accountability by the CEO. But his supporters claim those shareholders favored borrowing $1.5 billion for a payout to their benefit, at the expense of the Tewksbury chain's employee profit-sharing plan and low prices.
While the July meeting ended without a move to oust the CEO, those aligned with him expect the long-time family feud to continue and the board to take up the issue again. Neither of the cousins could be reached for comment, and board members and other shareholders have remained mum.
Meanwhile the City Council in Lowell, where the 72-store chain got its start, is set to vote tonight on a resolution backing Arthur T. Demoulas as CEO.
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