An ousted trustee of Market Basket's employee profit-sharing plan expressed concern yesterday about his removal and the future of what he calls the grocery chain's "crown jewel."
"I'm disappointed," said Bill Marsden, director of operations for Tewksbury-based Market Basket and an eight-year plan trustee. "This is the crown jewel of our company. It's invested wisely and with great care and safety in mind."
Market Basket employees including Marsden — who's worked for the chain for 55 years — have been apprehensive about the profit-sharing plan since a board shift put majority power on the side of Arthur S. Demoulas, who's been pushing for the ouster of his cousin, CEO Arthur T. Demoulas, over his management of the company.
Under the profit-sharing plan, which requires no employee contributions, the company pays in 15 percent to 20 percent of an eligible worker's yearly salary.
"I'm getting phone calls left and right," Marsden said.
The Market Basket board voted Aug. 22 to remove Marsden and 30-plus-year trustee D. Harold Sullivan, a retired Market Basket treasurer. It elected Nabil El-Hage, one of three independent board members, as trustee, while the CEO retained his trustee position.
El-Hage and the two other independent directors sought to reassure employees in an Aug. 29 letter, saying the new board "reaffirmed its commitment to continuing Market Basket's tradition of contributions to the employee profit-sharing plan."
Marsden called the letter "ambiguous," noting it doesn't specify if the current level of company contributions will continue.
Asked if there's a move afoot to dismantle the plan or cut contributions, a board spokeswoman cited the letter. "Demoulas Supermarket has no plans to reduce its commitment or contributions to the plan," she said.
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