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Primark CEO Paul Marchant has resigned following allegations of inappropriate behaviour towards a person in a social environment. Eoin Tonge will replace him ad interim while the process of searching for a successor is underway.
Immediate effect
Marchant has resigned as CEO of Irish fashion chain Primark with immediate effect, parent company Associated British Foods (ABF) announced in a press release. His departure follows an investigation by external lawyers into “an allegation made by an individual about his behaviour towards her in a social environment”.
Marchant has “cooperated with the investigation, acknowledged his error of judgement and accepts that his actions fell below the standards expected by ABF. He has made an apology to the individual concerned, the ABF Board and also to his Primark colleagues and others connected to the business”, the press release stresses.
Interim CEO
ABF CEO George Weston did not shy away from harsh words: “I am immensely disappointed. At ABF, 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. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual”, he said.
Marchant was only the second CEO in Primark’s history after he took over from the chain’s founder, Arthur Ryan, in 2009. It is not yet clear who his successor will be, but ABF’s Financial Director, Eoin Tonge, will serve as temporary replacement.
