Market Basket CEO Will Remain In Job For Now

Jul 19, 2013

 Market Basket CEO Arthur T. Demoulas will remain in his job at the supermarket chain — for now.

WCVB-TV reports the company's board adjourned a nearly 13-hour meeting Thursday without acting on a motion calling for Demoulas' removal.

It was not immediately known whether the board will consider the motion at its next meeting in a few weeks.

Some members of the Demoulas family have accused Demoulas of reckless spending and failing to accept board ownership. The family feud over company ownership has gone on for years.

Demoulas' employees demonstrated in support of him Thursday and attended the board meeting. Demoulas issued a statement Thursday night saying he was pleased with the result of the meeting and hopes to "work constructively" with the board.