Paul Marchant, the chief executive of Primark, has stepped down following a complaint from a woman regarding his conduct in a social setting.
Associated British Foods (ABF), the parent company of Primark, confirmed that an external legal investigation was conducted. Marchant admitted to a lapse in judgment and accepted that his actions did not meet the company’s standards. He cooperated with the inquiry and apologized to the individual involved.
ABF’s chief executive, George Weston, expressed deep disappointment over the situation, stressing that respect and dignity are fundamental values within the company. He reiterated that integrity and responsible behavior are crucial for the long-term success of the business. ABF also assured that it remains in contact with the complainant and has offered support.
The announcement led to a nearly 4% drop in ABF’s share price, falling to £18.64. Marchant had been leading Primark since 2009, overseeing its expansion across Europe and the U.S. Before joining Primark, he held leadership roles at Debenhams, Topman, River Island, and New Look.
Following his immediate resignation, ABF’s finance director, Eoin Tonge, has been appointed interim CEO of Primark. Joana Edwards, the company’s financial controller, will temporarily take over Tonge’s previous role. ABF expressed confidence in both executives to manage their new responsibilities effectively.