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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.

Jessie McLennan June 24, 2014 at 09:46 AM
If their prices keep going up, Shaw's is looking very good to me!
mark June 24, 2014 at 01:16 PM
Hanaford's is the best!
malcolm nichols June 25, 2014 at 08:30 AM
Choice is the best.
Andrew Denaro June 25, 2014 at 09:39 AM
This is really too bad. Market Basket has been a great asset to surrounding communities. It generates thousands of jobs for teens and senior citizens, giving them a way to earn some income while being flexible with scheduling. Also, this will probably be the end of the company running debt free. They'll take on too much and need to sacrifice quality and increase their price tags to avoid going under.
Eleanor L June 26, 2014 at 08:55 AM
Great!! A new CEO from the soon to be defunct Radio Shack. Drove that company into the ground; now working on MB.

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