Market Basket CEO Suspended Amid Succession Dispute

Market Basket CEO Arthur T. Demoulas has been placed on paid administrative leave, along with several other employees, as the board investigates credible allegations that he planned a work stoppage and attempted to appoint his children as successors in defiance of board directives on collaboration and succession planning. The board accuses Demoulas of resisting oversight, while his spokesperson calls the investigation a 'farcical cover for a hostile takeover.' The board has assured employees and customers that jobs, salaries, benefits, and store operations will remain unaffected during the ongoing probe. This conflict recalls the 2014 crisis when Demoulas and his sisters regained company control by buying out rival family members after widespread protests and a customer boycott. Market Basket, which operates nearly 100 stores across New England, remains under its current management team during the investigation. The situation remains under review as the board seeks to ensure company stability.