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Market Basket Fires CEO

The grocery store chain has replaced Arthur T. Demoulas with co-CEOs.

Patch file photo.
Patch file photo.

Market Basket’s board of directors fired CEO Arthur T. Demoulas on Monday morning, according to a statement from the board.

Demoulas will not retain any management responsibilities moving forward. He will remain a shareholder, according to the statement.

The grocery store chain, which does business under Demoulas Super Markets Inc., replaced Demoulas with co-CEOs.

The board elected Felicia Thornton and James Gooch as co-CEOs Monday. Thornton will also serve as the company’s Chief Operating Officer, Gooch as Chief Administrative Officer. They have both been serving as consultants for the company, according to the statement.

“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,” according to the statement.

Thornton was most recently the CEO of Knowledge Universe U.S., the largest private early childhood education provider in the country. Gooch comes to Market Basket from the RadioShack Corporation, where he was president and CEO.

In addition to Demoulas, the board let go of Joseph Rockwell, a vice president with the company, and Director of Operations William Marsden.

Market Basket has 71 locations in Massachusetts, New Hampshire and Maine. It’s headquartered in Tewksbury, Massachusetts.

AHM June 23, 2014 at 07:06 PM
You have something good and doing well why mess with it? They are making money.
Ken Long June 24, 2014 at 06:57 AM
When they say, this will "enable Market Basket to maximize potential", it means prices will be going up. Demoulas was largely the one keeping prices so low.
Julie the Jarhead June 24, 2014 at 11:44 AM
Yes, Ken is correct. With MB prices going up -- and they will -- there's no incentive for other area supermarkets to keep their prices reasonable. This, combined with the push for minimum wage increase, will shutter even more stores. More people on unemployment, et cetera, et cetera, et cetera. (In my best Yul Brynner voice.)

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