A victorious Arthur T. Demoulas emerged from a marathon 13-hour Market Basket board meeting late last night, where no vote was taken to remove him, to be greeted by throngs of cheering employees.
"Artie T.! Artie T.!" employees chanted, as one hoisted the embattled supermarket CEO on his shoulders.
"You're the best!" Arthur T. Demoulas told them. "I never want to leave you!"
Directors with a new majority that were seen as aligned against the CEO had met behind closed doors all day and into the night at an Andover hotel as employees, customers and other Demoulas loyalists lined the half-mile road to the property.
Company shareholders led by cousin Arthur S. Demoulas — both Arthurs are sons of the company's two co-founders — last month won a court order that forced yesterday's meeting after directors supporting the CEO failed to attend two prior ones at which his proposed removal was on the agendas.
The detractors had alleged fiscal recklessness and lack of accountability by Arthur T. Demoulas, according to court documents that describe his management as dictatorial. Demoulas' supporters, meanwhile, say opposing shareholders have supported borrowing $1.5 billion for a shareholder payout at the expense of Market Basket's 22,000 workers, employee profit-sharing plan and low prices that undercut its competitors. But the meeting ended with no motion to remove Arthur T. Demoulas.
The CEO said in a statement: "I am pleased with today's result. 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."
The company operates 71 Market Baskets in Massachusetts and New Hampshire, with revenue of $4 billion last year, up from $2.48 billion in 2007.
Employees at the rally were steadfast in their loyalty to Demoulas, who's been CEO since 2008. An estimated 2,000 people sporting signs and shirts in his support greeted Demoulas as he drove up to yesterday's 9:30 a.m. meeting.
"If it's not broken, don't fix it," said John Conway, 56, a 35-year employee who manages the Portsmouth, N.H., store and was among the throng of Arthur T. supporters yesterday.
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