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.
Written by Christopher Gambon
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.Â
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.Â
El-Hage has also resigned as a trustee of the company's employee profit-sharing plan, but did not provide reason for his resignation
Tewksbury has two Market Basket stores on Main Street, and the company's headquarters is also in Tewksbury.
Check out the full story from the Lowell Sun on El-Hage's resignation.
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