Following 12 hours of debate Thursday, Arthur T. Demoulas remained president of the Market Basket supermarket chain, despite concerns among some shareholders that he has spent money recklessly and ignored the authority of directors.
The family-owned company’s board adjourned a contentious meeting at 10 p.m. without acting on a motion for Demoulas’s removal. It was unclear whether the shareholders would continue to press for his ouster.
The board meets again on Aug. 22. For now, the stalemate ends a bitter feud over the Tewksbury-based supermarket chain, which has remained highly profitable despite near constant infighting for more than 20 years.
“I am pleased with today’s result. I hope to work constructively with the board going forward,” Demoulas said in a statement. “It is my desire to continue to look out for the best interests of our customers and employees.”
Board members arrived at the meeting at the Wyndham Hotel in Andover on Thursday to find hundreds of employees chanting loudly in support of Demoulas. Many held signs saying “Save Market Basket” and offered emotional testimonials in support of his leadership.
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