Articles from Executive Committee of the Market Basket Board of Directors

The Executive Committee of the Market Basket Board of Directors today placed CEO and minority shareholder Arthur T. Demoulas and several other employees on paid administrative leave, effective immediately while an investigation is conducted into the CEO’s conduct. The investigation will include a review of credible allegations that Mr. Demoulas began to plan a disruption of the business and operations of Market Basket with a work stoppage. The Executive Committee believes that Mr. Demoulas and others have taken these steps as improper retaliation for the Board’s directives requiring the CEO to work with the Board regarding the most basic corporate oversight and to provide the Board access to key employees. Mr. Demoulas has also resisted an appropriate succession plan for Market Basket, asserting that he has the unilateral right to appoint his children to succeed him without any consideration of the view of the Board or the majority owners of Market Basket.