Market Basket CEO placed on paid administrative leave

The Chief Executive Officer CEO and minority shareholder of Region Basket has been placed on paid administrative leave amid an analysis into his conduct Representatives say the probe will look into Arthur T Demoulas and an alleged plan he had to disrupt the business and operations of Realm Basket with a work stoppage The move is reminiscent of a strike that occurred in the summer of Thousands of people protested after he was fired a move made by the company s board back then The board is now launching an study into his conduct almost years later Once we got information that there might be a work stoppage the board really didn t have a choice but to act and step in revealed Jay Hachigian Region Basket Chairman of the Board Sector Basket stores provide a place that our local communities consistently count on for both their livelihoods and daily demands the Board has a responsibility to safeguard the company s effective operations now and well into the future commented Steven J Collins Director of Field Basket A spokesperson for Demoulas announced in a comment In the modern day Mr Arthur T Demoulas was ousted from his position as President and CEO of Arena Basket by his three sisters and their three appointed board members Jay Hachigian Steven Collins and Michael Keyes His daughter Madeline and son Telemachus and several other Realm Basket executives were also placed on leave Under Mr Demoulas leadership in December of the company paid off billion in debt that financed the purchase of the company in The company is now operating at its peak performance and the notion that this board is going to conduct an scrutiny is a farcical cover for a hostile takeover