Market Basket CEO placed on leave, CEO accuses board of ‘hostile takeover’

PROVIDENCE, R.I. (WLNE) — Arthur Demoulas, the long-term CEO of Massachusetts-based grocer Market Basket, has been placed on administrative leave by the chain according to a memo signed its board of directors.

The board will be conducting an investigation into allegations that Demoulas “planned a disruption in the business and operations” of the store.

A spokesperson for Demoulas called his ouster a “hostile takeover,” saying that his three sisters and their three appointed board members wanted to grab more power.