An Open Letter to Keith Cowan

 

Yesterday at Business Court, a hearing was held at which lawyers for the Board argued about Keith Cowan’s independence. This was a preliminary stage where both sides present their reasons for the judge, the Honorable Judith Fabricant, to either allow the case to move to discovery or to dismiss it. Discovery is big as it would open up the world of Mr. Cowan’s finances and correspondences, be they emails or phone records. We were there as the arguments unfolded and the most striking thing about it was the way in which Mr. Cowan carried himself. As for the hearing, the judge will take several weeks before rendering her decision in the matter. Below is an email that we are sending to him.

 

 

Mr. Cowan,

We were there in room 304 yesterday for your hearing regarding your independence and we came away feeling more certain than ever that you should not sit on our board as an independent, let alone be the chairman of it. While Judge Fabricant will take a few weeks to pore over the documents, the empirical evidence shows your judgement to be lacking, your discretion to be poor and your countenance to be downright embarrassing.

You are the man who would be king of this company…the Chairmanship is within reach and there is no doubt that you fancy yourself a potential candidate for the presidency of it as well. Today’s proceeding must have been a stressful event for you, seeing high powered and highly compensated lawyers fighting on your behalf. We can only imagine how we would handle it if it were one of us in your position. We can only hope we would control ourselves and our emotions better than you did today.

The audible groans and guffaws as our lawyer read her allegations against you were incredibly unprofessional, to say the least, but more worrisome for those of us you wish to lead, were your frequent cross-room glances toward ASD as the arguments wore on. Were you looking for reassurance? The irony of you being at the hearing regarding your not being under the control of Arthur S. and having you constantly looking towards him for some reason, is laughable.

It would do you well to understand, as you fight this extremely expensive fight, that we are not your people now, nor will we ever be. If your lawyers win this round and you are deemed by the court as being fit to serve, we have still found you guilty of being in ASD’s pocket. If you are Chairman of the Board, you are not our Chairman. If you are placed as President at some point, you will not be our President. Our President is Arthur T. Demoulas. Our President would never carry himself in the obnoxious manner that you did yesterday with the outbursts and incessant looks toward your master.

We must say that we were hoping for more from you, but sadly you showed that you are as we expected: a puppet of Arthur S. It must have been disheartening for you when in your time of greatest need, as you looked across at him for a reassuring glance, he didn’t meet your eye. Get used to it, that’s the way he is…

We Are Market Basket. You sir, are not.

Comments

  1. elizabeth bates says:

    Wow! Great and on target letter, I absolutly stand with you all. I hope that his actions were noted by all observers., sounds to me that he is showing his conscience is not clear. He knows he has not acted as he should or how he is legally obligated to. I hope other companies that have him on their payroll, take a good look and be sure he is doing as they expect, as they trust him to on their behalf. I wonder just how much their is behind his facade…… Thank you page admin fo this post and the legal proceeding update. Sad that it is happening within our company’s BOD., as the Demoulas Super Market name has never had a reason to worry about its reputation. Makes me truly outraged.

  2. cindy whelan says:

    Mr. Cowan, you have met your match. We, the real Market Basket, will stand and fight for our CEO, come hell or high water. You have no idea of what our level of perseverance is… because you have decided to ignore us. To ignore the stakeholders of a successful company shows lack of respect. We, the Market Basket family, are not used to being treated disrespectfully. We are in the trenches, we are making money for this company and your shareholders, WE ARE MARKET BASKET, and apparently you will never accept that. That is fine, I am hopeful the court of law understands and dictates FIDUCIARY RESPONSIBLILTY, because the word stakeholders means almost as much as shareholders in the court of law….

  3. MarK lemieux says:

    Thank you Admin for keeping us well informed.

  4. lisa deltrecco says:

    Actions speak louder than words. Seems to me his actions during this hearing speak volumes. He needs to go!!

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