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.