Overview

• Paul Marchant, CEO of Primark since 2009, resigned immediately following allegations of misconduct in a social setting.
• An external investigation confirmed Marchant's 'misjudgment,' prompting his apology to the affected woman, the board, and colleagues.
• Associated British Foods (ABF), Primark's parent company, has not disclosed further details about the allegations.
• CFO Eoin Tong has been named interim CEO as ABF navigates the leadership transition.
• The announcement led to a nearly 4% drop in ABF's stock price, reflecting investor concerns over leadership stability.