Market Basket management wants to reward its loyal employees with generous bonuses and profit-sharing contributions — but the decision ultimately rests with the supermarket chain's board with which it's been at odds.
Management, including CEO Arthur T. Demoulas, has proposed a December bonus pool of $56 million for employees and a company contribution to their profit-sharing program that equals 20 percent of their eligible wages, according to a Thursday memo from director of operations William F. Marsden.
The boost in the bonus pool, from $35 million last year, is attributed to 1,500 new employees added since then and the company's strong performance for the year, according to a source close to management. Last year's contribution to the profit-sharing program, established in 1963 as a way to share the success of the company with employees, was 15 percent.
"Despite the competitive environment we operate in, with competition cutting profit margins and lowering prices and targeting and even emulating our business model, we recognize the steel resolve of our associates to put forth their best efforts every day for this company," Marsden wrote in the memo to the Tewksbury company's employees. The letter recognized significant employee concern and inquiries about both benefits given infighting between the board and management.
"We are strongly recommending these benefits because you all deserve them," Marsden wrote.
A spokeswoman for the board, which is set to vote on the recommended benefits at its next meeting Monday, did not respond to Herald inquiries.
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