Below are transcripts from Market Basket board meetings from the past decade that highlight the tensions between then-company president Arthur T. Demoulas and those loyal to him, and board members aligned with Arthur S. Demoulas's and his side of the family.
June 25, 2003
In its early years, Market Basket board meetings were often contentious. Arthur S. Demoulas and Gerard Levins, the other appointee of his side of the family, were constantly fighting with other board members about access to information and other matters. In this exchange, they bickered about efforts to improve decorum at board meetings.
Nov. 5, 2009
The Market Basket board debates Arthur T. Demoulas's authority to give out $20 million to $40 million in employee bonuses in 2010 without the board’s approval. The participants were company president Arthur T. Demoulas, his first cousin and board member Arthur S. Demoulas, and Gerard Levins, a board member who represents shareholders on Arthur S.’s side of the family.
Oct. 17, 2011
The board discusses how much profit should be distributed to shareholders and how much should be reinvested into real estate, construction of new stores, and employee bonuses. The participants were board chairman Bill Shea (who represents Arthur T.’s side), independent director Nabil El-Hage, and then-company president Arthur T. Demoulas.
Feb. 11, 2012
The board discussed related-party transactions that have continually led to allegations by Arthur S. and board members sympathetic to him that Arthur T. and his relatives are improperly spending company money on outside business entities that they own. The participants were El-Hage, Levins, and Arthur T. Demoulas.
Aug. 30, 2012
The board, with some new members, continued to debate whether spending limits should be placed on Arthur T. Demoulas. The participants were current independent director Keith Cowan, former independent director Nabil N. El-Hage, director Gerard Levins, current director J. Terrance Carlton, former Treasurer Don Mulligan, and former president Arthur T. Demoulas.