ANDOVER — Arthur T. Demoulas remains at the helm of Market Basket.
After a nearly 13-hour meeting at the Wyndham Hotel, the board of directors made no motion to remove him, a move that was sought by his cousin, Arthur S. Demoulas.
“I am pleased with today’s result. I hope to work constructively with the board going forward. It is my desire to continue to look out for the best interests of our 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,” Arthur T. Demoulas said in a statement to the media.
The directors are not expected to meet again until August, according to Harry-Jacques Pierre, a spokesman for Arthur T. Demoulas.
Market Basket’s CEO received superstar treatment from hundreds of loyal employees as he arrived in town yesterday morning. The raucous show of support just may have been what saved his job.
Demoulas’ backers lined Old River Road before the board meeting at the hotel. A majority of the board had been expected to oust him as CEO in favor of his cousin.
For years, the Demoulas family has wrangled over of what has grown into a 71-store grocery chain, which has roots in Lowell but has expanded across Massachusetts and New Hampshire.
Arthur T. Demoulas has served as CEO since 2008. Arthur S. Demoulas and other members on his side of the family allege Arthur T. Demoulas has mismanaged the company and ignored instructions from the board, according to various reports.
The boardroom battle for control of the grocery store chain was expected to come to a head yesterday.
Outside the hotel yesterday morning, a vocal crowd made up mostly of Market Basket employees stood in 90-degree heat to hold signs and chant “Artie T!” as Arthur T. Demoulas arrived in a slow-moving Ford sedan.