Business & Tech
Market Basket Independent Director, Employee Profit-Sharing Trustee Resigns
The independent director was appointed by the Demoulas family shareholder group currently aligned with director Arthur S. Demoulas.
In a move that could potentially benefit CEO Arthur T. Demoulas, one of three independent members of the Market Basket board of directors has announced his resignation, according to a report from the Lowell Sun.
Nabil El-Hage was appointed by the Demoulas family shareholder group currently aligned with director Arthur S. Demoulas, a cousin of Arthur T. who has sought his ouster as CEO, according to the Sun.
El-Hage's resignation could mean good news for Arthur T., as the former director was the one who suggested a $1.5 billion shareholder payout back in 2011, according to the Sun.
El-Hage has also resigned as a trustee of the company's employee profit-sharing plan, but did not provide reason for his resignation
In recent news, a judge has allowed a $300 million shareholder payout despite attempts by CEO Arthur T. to block that action.
Danvers has a Market Basket store at Endicott Plaza.
Check out the full story from the Lowell Sun on El-Hage's resignation.
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