ANDOVER (CBS) – Arthur T. Demoulas remains the President and CEO of Market Basket.
After a nearly 13 hour meeting Thursday, the Board made no motion to remove him.
“I am pleased with today’s result,” Demoulas said in a statement. “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.”
More than 1,000 people showed up outside the meeting in Andover to show support for Demoulas.
Market Basket is currently free of debt, with $217 million in profits last year.
Earlier this week, Kevin Griffin, publisher of the Griffin Report of Food Marketing, told WBZ NewsRadio that if Arthur T. Demoulas was ousted, the board would most likely go ahead with plans to assume $1.5 billion in debt, and distribute it to shareholders which he says changes the business model tremendously.
Market Basket now has more than 70 stores and 21,000 employees.