TEWKSBURY — Ousted Market Basket CEO Arthur T. Demoulas will not be appealing a Delaware judge’s ruling that affirmed the decision of the grocery chain’s board to fire him last year.
Demoulas spokesperson Justine Griffin said in a statement Tuesday just before noon that he and members of his family “were unceremoniously tossed out of the company that has been the life work of Arthur and his father before him.”
“The removal was orchestrated by Arthur’s three sisters and their handpicked Board members. We told you at the time that this was a coup, and as it unfolded, people have now seen it was exactly that,” Griffin’s statement said. “The Delaware Chancery Court ruled on the narrow issue that was before it – that the Board had the authority to remove him. Mr. Demoulas disagrees vehemently with that decision.”
Griffin’s statement continued, “But continuing to fight about the future of Market Basket in courts that overwhelmingly favor decisions made by a Board of Directors, is not in the best interests of the company, the Associates, or the loyal customers. Mr. Demoulas has decided not to appeal the ruling. It is simply not the right forum to resolve the broader issues at stake. Mr. Demoulas will continue in his efforts to set right what has gone so wrong here.”
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This is a developing story.
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