Paul Marchant, who has served as the CEO of Primark since 2009, has resigned following an investigation into his inappropriate behavior toward a woman in a social setting. Marchant has apologized to the individual involved and stepped down with immediate effect.
Primark’s parent company saw its shares drop 4.9% in early trading, compared to a 0.8% decline in the UK’s benchmark stock index.
In an official statement, Primark acknowledged that Marchant “accepted his error of judgment” and recognized that his actions did not meet the company’s standards.
Primark, known for its fast fashion outlets, operates 451 stores across 17 countries in Europe and the U.S.
Following Marchant’s resignation, Eoin Tonge, the finance director, has been appointed as Primark’s interim CEO.
The investigation was conducted by external lawyers, and Marchant fully cooperated with the inquiry. The company emphasized its commitment to maintaining a “safe, respectful, and inclusive” work environment.
The CEO expressed disappointment over the incident, stating, “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.”
