EagleTribune.com, North Andover, MA

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June 23, 2014

Executive: Arthur T. Demoulas fired for 'greed'

Arthur T. Demoulas, the CEO of Demoulas Supermarkets, was fired this morning by the company's board of directors.

Along with Demoulas, Director of Operations Bill Marsden and Vice President of Grocery Joe Rockwell were also fired.

Marsden said the actions of the board were driven by greed.

“The Board’s action today is driven by greed, pure and simple. Arthur T. Demoulas continued the tradition of his father, promising customers 'More for Your Dollar.' He was fired today after he built the most successful supermarket chain in the Northeast, one of the top in the country by most metrics," Marsden said in a written statement to The Eagle-Tribune

"Along with Arthur T. Demoulas, I was also fired as was Joe Rockwell, Vice President of Grocery. Combined we have more than 110 years of service to the company. Our crime was our commitment to Arthur T. Demoulas, the employees and the promise to customers to always honor the Market Basket commitment to high-quality and value," Marsden said.

Check back for updates on this story as it develops.

Follow Sara Brown on Twitter @Sara_Brown_Trib. To comment on stories and see what others are saying, log on to eagletribune.com.

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