Market Basket Family Drama is Back– And CEO Says It’s a ‘Hostile Takeover’ Attempt

Market Basket leadership is once again facing internal turmoil. CEO Arthur T. Demoulas — widely known as Artie T — says he’s being pushed out by his three sisters and the board members they’ve appointed. He, his two children (who are also involved in company operations), and several top executives have been placed on paid administrative leave.

Why the shakeup? The board alleges that Artie T and certain minority shareholders attempted to organize a walkout in retaliation against board decisions. They also claim he has failed to develop a formal succession plan and intends to hand over the company to his children without proper oversight or input from the majority owners.

Artie T. called it a “hostile takeover.”