On Tuesday, the Market Basket board of directors announced the company has appointed Don Mulligan as interim CEO. CBS Boston reports Mulligan has been with Market Basket for 42 years and has served as chief financial officer for the past 26 years.
In a statement quoted by The Boston Herald, board chair Jay K. Hachigian says: “Don Mulligan is the voice of consistency at Market Basket, one that our associates and customers can count on to proudly continue the same thriving culture and the ‘More For Your Dollar’ shopping experience. The board has worked closely with Mr. Mulligan and has come to appreciate his exceptional business acumen, the respect and admiration our associates have for him, and his deep understanding of the history and culture that makes Market Basket so special.”
The promotion followed the board’s announcement that mediation failed with Arthur T. Demoulas.
As for Demoulas, CBS Boston reports he was fired on Sept. 9 after a long struggle with the board and his three sisters over control of the company. The board had earlier in the year suspended Demoulas, two of his children and two executives supporting him, alleging a planned work stoppage. Demoulas has called the investigation “a farcical cover for a hostile takeover.”
According to the board statement to CBS Boston, Demoulas owns about 28.4% of Market Basket; his sisters are said to own roughly 61.3%. The remainder, about 10.3%, is held in trust for the children of the Demoulas siblings.
