Market Basket employees plan to rally at the grocery chain's Chelsea store today to protest yesterday's firings of CEO Arthur T. Demoulas and two other top execs.
"We cannot sit back like so many others have done when their companies have been taken over," a post on WeAreMarketBasket.com, an employee website aligned with the ousted CEO, stated yesterday.
The Market Basket board held elections for company officers yesterday and picked Felicia Thornton and James Gooch as Market Basket's chief operating officer and chief administrative officer, respectively, and as co-CEOs effective immediately, a board statement said. Both had been serving as consultants to the company.
"Arthur T. Demoulas, who was not re-elected president and will not retain any management responsibilities moving forward, remains a shareholder of the company," the statement said. "The board believes this new management team will enable Market Basket to maximize its potential and pave the way for continued success in the future."
The firings brought the long-running family feud to another head between two factions of the Demoulas family — owners of the 72-store Tewksbury-based chain — after a contentious year. Lawsuits, protests, petitions, stalled store openings and back-and-forth allegations between rival board members and management have marked the transition since the board had a shift in control last June in favor of the CEO's rival cousin, Arthur S. Demoulas.
Arthur T. Demoulas escaped an anticipated firing last July during a 13-hour board meeting, where an estimated 2,000 employees and others rallied in his support.
Market Basket's director of operations Bill Marsden and vice president of grocery sales and merchandising Joe Rockwell also were ousted yesterday.
"The board's action ... is driven by greed, pure and simple," Marsden said in a statement yesterday. "Arthur T. Demoulas... was fired... after he built the most successful supermarket chain in the Northeast."
Thornton most recently served as CEO of Knowledge Universe U.S., a Portland, Ore., early childhood education provider. Her supermarket experience includes prior posts at Albertsons and Kroger. Gooch abruptly stepped down as CEO of the struggling RadioShack Corp. in 2012. He also held financial positions at Kmart Corp. and Sears Holdings.
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