LONDON — The CEO of Primark, a leading European fast fashion retailer, has stepped down following an investigation into his conduct with a woman in a social setting. Paul Marchant, who led Primark since 2009, tendered his resignation immediately and issued an apology to the concerned individual, the company announced on Monday. Shares in Associated British Foods, Primark’s parent company, saw a drop of 4.9% early that day, in contrast to the 0.8% downturn in the UK’s main stock index.
Primark stated that Marchant admitted to a lapse in judgment and acknowledged that his actions were not aligned with the company’s expectations. Currently, the retailer has a network of 451 outlets spread across 17 countries, including locations in Europe and the United States.
Eoin Tonge, who serves as the finance director of Associated British Foods, has been appointed as Primark’s interim CEO, as mentioned in the company’s statement.
The inquiry was conducted by independent legal experts, and Marchant cooperated fully with the investigation, as per Associated British Foods. The organization emphasized its dedication to fostering a “safe, respectful, and inclusive” working environment.
Expressing his disappointment, George Weston, CEO of ABF, remarked in a statement that “We believe that high standards of integrity are essential. Acting responsibly is the only way to build and manage a business over the long term.”