SchwartzReport: Market Basket — Board Fires Progressive CEO, Boomers Go on Strike to Reinstate — Mutuality Economics from the Bottom-Up
This is a lovely story of how capitalism could be run. It illustrates very clearly the difference between the vampire capitalism that dominates our economy, and the compassionate capitalism we could have.
Market Basket: The Return of Boomer Activism
LAUREN STILLER RIKLEEN – Forbes
Workers at the Market Basket supermarket chain just successfully undertook a high-risk job action with potentially historic repercussions. But this was more than just a fight for leadership control. It was also a story about boomers standing up for workplace values.
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Arthur T. ran Market Basket with a straightforward and progressive management philosophy: treat its 25,000 employees (and customers) with respect and attention; promote from within; provide great pay and retirement benefits and continually invest in your staff. As a result, he developed an extraordinarily devoted workforce of people who grew up at the company and remained for decades and took great pride in making the stores so successful.
Over time, though, Arthur T.’s pension programs and above-market salaries were criticized by the board, who felt such generosity depressed shareholder dividends. On June 23, the board ultimately voted to remove Arthur T. as president.
The Employees Push to Bring Back Their Boss
That’s when the chain’s employees – many of them boomers – rose up in revolt. Some went on strike; others played key roles in protests including rallies attended by thousands.