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The Boston Globe

Business

Market Basket CEO faces revolt led by his cousin

At a typical corporation, the chief executive is expected to be beholden to the board of directors. But Market Basket grocery titan Arthur T. Demoulas asserted otherwise one day when some board members challenged his authority to spend money as he saw fit.

“There’s only one boss in the company,” Demoulas told directors in August 2012, according to a transcript of the board meeting. “There’s not two. There’s not three. There’s not five. There’s only one boss.”

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