Paul Marchant, the chief executive of fast-fashion giant Primark since 2009, has resigned with immediate effect following an investigation into his behavior towards a woman in a social setting, as per The Associated Press.
The company announced the resignation on Monday, sending shares of Primark’s parent company, Associated British Foods (ABF), tumbling by 4.9% in early trading.
According to a statement released by Primark, Marchant “acknowledged his error of judgement and accepts that his actions fell below the standards expected by the company.” He has reportedly apologized to the individual involved in the incident.
Associated British Foods confirmed that the investigation was conducted by external lawyers and that Marchant cooperated fully. The company reiterated its commitment to providing a “safe, respectful and inclusive” work environment
Eoin Tonge, the finance director of Associated British Foods, has been appointed as Primark’s interim CEO.
Primark, known for its affordable clothing and accessories, operates 451 stores across 17 countries in Europe and the US The unexpected leadership change comes at a crucial time for the retailer as it navigates the evolving fast-fashion landscape and seeks to maintain its market position.
