Rally, resignations follow Market Basket's Demoulas firing
Rally, resignations follow Market Basket's Demoulas firing
Years of reported infighting came to a head on Monday, June 23, when Market Basket's board of directors fired Arthur T. Demoulas, president and chief executive officer, along with two other executives: Bill Marsden, director of operations; and Joe Rockwell, vice president of grocery. Combined, the three men had been with the company for more than 110 years.
An estimated 300 employees held a rally protesting the firings, and boston.com reported that at least six members of Market Basket's corporate staff have resigned in the wake of Monday's announcement.
Support of the former company president also led to the creation of the We are Market Basket Facebook page and wearemarketbasket.com. The Facebook page already has more than 19,000 followers.
In a statement, the board, which is controlled by Demoulas' cousin, Arthur S. Demoulas, said the ousted CEO "was not re-elected president and will not retain any management responsibilities moving forward." Arthur T. Demoulas will remain a shareholder in the company.
The Market Basket board has elected two of the company's consultants to executive positions: James Gooch will take the role of chief administrative officer, and Felicia Thornton has taken on the role of chief operating officer.
The chain, based in Lowell, MA, has 71 supermarkets in New Hampshire, Massachusetts and Maine.