ANDOVER, Mass. (AP) — Market Basket CEO Arthur T. Demoulas will remain in his job at the supermarket chain — for now.
After a nearly 13-hour meeting on Thursday, the company's board adjourned without acting on a motion calling for Demoulas' removal. It was not immediately known whether the board will consider the motion at its next meeting in a few weeks.
Some members of the Demoulas family have accused him of reckless spending and failing to accept board ownership. The family feud over company ownership has gone on for years.
He says relatives, including a cousin on the board who has the same name but a different middle initial, want more control of the company and to pay themselves more.
Demoulas issued a statement after the board meeting thanking his supporters and saying he was pleased with the outcome.
"I am pleased with today's 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."
Supporters of Demoulas demonstrated in Andover before the board meeting and employees gathered to testify in support of his leadership, under which they say the company and their families have prospered.
"My husband has worked for this company for over 30 years," Noel Gordon told The Boston Globe. "He started as a sacker and has moved his way up. There are not many companies left where someone without a college degree can live the American dream, and he's been able to do that."
But in court papers family members say he has directed money to real estate businesses his family members own. Years ago, his father lost a fraud lawsuit in which other family members accused him of stealing ownership shares.
Market Basket has 71 stores in Massachusetts and New Hampshire.
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