TEWKSBURY, Mass. — The board of directors of Demoulas Super Markets here has launched a website intended to inform employees of its actions — including most recently, a decision to continue popular profit sharing and bonus programs.
The move comes after months of speculation over the fate of company President Arthur T. Demoulas and whether such programs would continue under a newly constituted board. The company is the parent of the Market Basket chain in New England.
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The Demoulas board of directors — which earlier this year shifted to control of shareholder Arthur S. Demoulas — said it voted at a meeting Nov. 1 to continue to make a contribution to its profit sharing program “at a level consistent with what has been paid out over the past several years.” The board also said it intended to pay bonuses to employees this year, and would vote on management’s recommendations on bonuses at a meeting Nov. 25.
A “frequently asked questions” page at the newly launched website — dsmboardinfo.com — said Arthur T. Demoulas would remain president, but emphasized company bylaws that the role “is to manage the general day-to-day operations of the business and run grocery operations for the benefit of customers and consistent with the Market Basket philosophy. These responsibilities include purchasing, pricing, customer satisfaction and employee compensation.”
Read more: Demoulas Board Member Resigns
It said it retained an executive search firm “to assure that corporate succession planning and the continuity, identification and development of executive talent is an integral part of long-term planning.”
Demoulas’ board passed from control of Arthur T. to his cousin’s side of the family earlier this year. That side has been critical of potential conflict of interest transactions under Arthur T. and has since adopted standards it said would improve corporate governance and better oversee the company.
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