Market Basket’s board of directors fired CEO Arthur T. Demoulas on Monday morning, according to a statement from the board.
Demoulas will not retain any management responsibilities moving forward. He will remain a shareholder, according to the statement. Market Basket has a location on Chelmsford Street in Chelmsford.
The grocery store chain, which does business under Demoulas Super Markets Inc., replaced Demoulas with co-CEOs.
The board elected Felicia Thornton and James Gooch as co-CEOs Monday. Thornton will also serve as the company’s Chief Operating Officer, Gooch as Chief Administrative Officer. They have both been serving as consultants for the company, according to the statement.
“The Board believes this new management team will enable Market Basket to maximize its potential and pave the way for continued success in the future,” according to the statement.
Thornton was most recently the CEO of Knowledge Universe U.S., the largest private early childhood education provider in the country. Gooch comes to Market Basket from the RadioShack Corporation, where he was president and CEO.
In addition to Demoulas, the board let go of Joseph Rockwell, a vice president with the company, and Director of Operations William Marsden.
Market Basket has 71 locations in Massachusetts, New Hampshire and Maine. It’s headquartered in Tewksbury, Massachusetts.