The board of Demoulas Super Markets, parent of New England’s Market Basket chain, voted at a Nov. 1.meeting to continue to contribute to the company’s profit-sharing program “at a level consistent with what has been paid out over the past several years,”
Supermarket News
reported.
The board also said it planned to pay employee bonuses and would vote on management’s recommendations on bonuses at a Nov. 25 meeting, the article said.
A new company website said Arthur T. Demoulas would remain president but that the board had retained an executive search plan “to assure that corporate succession planning and the continuity, identification and development of executive talent is an integral part of long-term planning,” the
Supermarket News
report said. Earlier this year, control of the board shifted from Arthur T. Demoulas to his cousin and chief rival, Arthur S. Demoulas.
An earlier
Supermarket News
report
said that Nabil El-Hage, one of three independent directors on the company’s seven-member board, resigned Oct. 2, saying serving on the board “had evolved into a very difficult and time-consuming assignment.” El-Hage is a former Harvard Business School professor, the article said. (Source:
Supermarket News,
Nov. 6, 2013 and Oct. 3, 2013.)
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