Transcripts reveal deeper divide within Market Basket
A special report by the Boston Globe has uncovered several partial transcripts from Market Basket board meetings, shedding further light on the deep dysfunction among the Demoulas family, board members and the company’s management team.
The newspaper’s report was published today, when about 200 protesting workers are expected to either return to work or possibly lose their jobs after the company’s current management issued them an ultimatum.
The newly uncovered board meeting transcripts for the Massachusetts-based company span from June 2003 to Aug. 2013, less than a year before Arthur T. Demoulas and his management were fired, and prompted company-wide boycotts by customers and workers. The war of words between Demoulas, his cousin and board director Arthur S. Demoulas and other board members serves as a precursor to the most recent dispute that began in June.
A partial transcript for a November 2009 meeting shows a deep divide between Arthur T. and the company’s board over the company’s financial priorities and how much authority he should have over the company’s spending decisions.
According to the transcript, Arthur T. said he shouldn’t have to seek the board’s approval for major spending decisions, including a proposed $40 million bonus to employees.
“And my management style is not to come back to this board to request and ask for permission. I’m going to do it,” he said after being grilled by his cousin and board director Arthur S., who called the proposal “extraordinary.”
The owners of the supermarket chain, which includes a location in Biddeford, are still considering purchase offers from potential buyers, including Delhaize Group SA of Belgium, the parent company of Market Basket’s competitor Hannaford Bros. Arthur T., who remains a minority shareholder, recently said his purchase offer was refused by the board.
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