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Market Basket, Headquartered in Tewksbury, Fires CEO Arthur T. Demoulas

The grocery store chain has replaced Arthur T. Demoulas with co-CEOs.

Patch File Photo
Patch File Photo
Written by John Waller

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. Market Basket is headquartered in Tewksbury and also features a store location on Main Street in town.

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. 
LBCM June 24, 2014 at 09:01 AM
“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,” What does this sound like? Market Basket is the best store around and I hope that these plans do not take away the prices and the overall "feeling" of the chain. Let's watch closely and see...
Bob June 24, 2014 at 10:15 AM
Could be the beginning of the end for Market Basket. I don't know Gooch but Thornton was pretty good at Knowledge Universe. The company went down hill when she left for "personal reasons". She seemed to have similar philosophies as Arthur T in regards to employees and customers. Time will tell soon enough which direction the Demoulas family wishes to take the company. If they were smart (and by this act we know they are not) they would leave it alone. BUT... To be continued...
Marc June 24, 2014 at 02:26 PM
I stopped going to MB a long time ago..Theyre produce is nasty. Every time I go into the store their there's mold all over their fruit and rotting.
"the eyes of T-Bury" June 24, 2014 at 07:22 PM
Don't be so quick to boycott the store. Lower sales numbers equal less employee hours. When the store is slow, employees are sent home without pay. Don't cut off your nose to spite your face. You may think that by not shopping in MB that you're hurting Arthur S, but you're really hurting the employees.
North Tewksbury Redman June 26, 2014 at 09:50 AM
I will shop at the store that provides the best quality and prices. The employees' statuses are not my concern.

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