ANDOVER — Market Basket CEO Arthur T. Demoulas received superstar treatment from hundreds of loyal employees as he arrived in town yesterday morning. The raucous show of support just may have saved his job.
Demoulas' backers lined Old River Road before a company board meeting at the Wyndham Hotel, where a majority of the board of directors was expected to oust him as CEO in favor of cousin Arthur S. Demoulas.
The Market Basket board chose not to vote on the question of new CEO last night. There is no word yet about whether or not the board will take up the question at it's meeting in a few weeks.
In a statement to The Eagle-Tribune, Arthur T. Demoulas said he was pleased with the result.
"I hope to work constructively with the Board going forward," he said. "It is my desire to continue to look out for the best interests of or customers and employees. Together we have built a fine organization and I am extremely proud of you. Thanks to everybody for their tremendous outpouring of support."
For more on this story, see tomorrow's Eagle-Tribune.