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Primark CEO Paul Marchant Resigns Following Misconduct Investigation

Marchant admitted to an 'error of judgment' after an external investigation confirmed his actions fell below Associated British Foods' standards.

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Paul Marchant, CEO of Irish multinational fashion retailer Primark, has resigned.
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Marchant had led the fast fashion high street chain, which has more than 450 shops globally, since 2009 (Photo: David M. Benett/Dave Benett/Getty Images for Primark)

Overview

  • Paul Marchant stepped down as Primark CEO effective immediately following an investigation into allegations of inappropriate behavior toward a woman in a social setting.
  • The investigation, conducted by external lawyers, found Marchant's actions did not meet the ethical standards expected by Associated British Foods (ABF).
  • ABF's finance director, Eoin Tonge, has been appointed as interim CEO, with Joana Edwards stepping in as interim finance director.
  • ABF emphasized its commitment to supporting the individual who raised the complaint and maintaining a respectful, inclusive workplace culture.
  • The announcement caused a 4% drop in ABF's share price, reflecting investor concerns over leadership uncertainty at a pivotal time for the retailer.