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LONDON (AP) — The chief executive of Primark, one of Europe’s
biggest fast fashion retailers, has resigned after an
investigation into his behavior toward a woman in a social
environment.
Paul Marchant, Primark’s CEO since 2009, has apologized to the
individual involved and resigned with immediate effect, the
company said Monday. Shares in Primark’s parent, Associated
British Foods, fell 4.9% in early trading, compared with a 0.8%
drop in Britain’s benchmark stock index.
Marchant “acknowledged his error of judgement and accepts that
his actions fell below the standards expected by the company,”
Primark said in a statement.
The retailer has 451 stores in 17 countries across Europe and
the U.S.
Eoin Tonge, finance director of Associated British Foods, has
been name Primark’s interim CEO, ABF said in a statement.
The investigation was carried out by external lawyers and
Marchant cooperated with the probe, Associated British Foods
said. The company said it was committed to providing a “safe,
respectful and inclusive” work environment.
“I am immensely disappointed,” ABF Chief Executive George Weston
said in a statement. “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.”
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