Primark CEO Resigns Following Misconduct Investigation
Paul Marchant, the CEO of fast fashion giant Primark, has resigned with immediate effect after admitting to an "error of judgment" regarding his behavior towards a woman in a social setting. The resignation follows an investigation led by external lawyers, which concluded that Marchant's actions "fell below the standards expected" by the company. Primark’s parent company, Associated British Foods (ABF), has confirmed in a recent statement that Marchant had cooperated with the investigation, apologized to the individual involved, and accepted responsibility for his actions.
ABF CEO George Weston expressed his disappointment, emphasizing that "high standards of integrity are essential" and that "colleagues and others must be treated with respect and dignity." The company has also pledged to support the woman who raised the complaint. Marchant, who led Primark for over 15 years, oversaw significant growth, expanding the brand’s international presence and increasing profits. Following his departure, ABF’s finance director, Eoin Tonge, will step in as interim CEO, while financial controller Joana Edwards will assume Tonge’s role.
ABF's stock fell nearly 4% after the announcement, reflecting the current uncertainty over the leadership at the £9.4 billion fashion retailer. While analysts believe the CEO position will attract considerable interest, they do not expect a rush to appoint a permanent successor. Despite the leadership change, ABF confirmed that its financial results for the year will be released as scheduled on April 29th.
