The chief executive of Primark, known in Ireland as Penneys, has resigned after allegations of inappropriate behaviour towards a woman.
Primark's parent company, Associated British Foods (ABF), has confirmed that Paul Marchant has stepped down as CEO of the high street fashion brand with immediate effect following an investigation.
The official statement said the incident concerned “his behaviour towards (the woman) in a public context.”
The company said Mr Marchant had cooperated with the investigation and “admitted his error in judgement and accepted that his actions fell short of the standards expected by ABF”.
“He has apologised to the individual affected, the ABF board, his colleagues at Primark and others involved in the business,” the company added.
ABF stressed that it will continue to support the person who reported the incident.
Mr Marchant has led the Dublin fast fashion chain, which has more than 450 stores, since 2009, when he took over as chief executive from founder Arthur Ryan.
He was previously COO at rival New Look, and has held roles at Debenhams, Topman and River Island.
ABF CEO George Weston said: “I am extremely disappointed.
“At ABF, we believe that high standards of integrity are of paramount importance.
“Acting responsibly is the only way to build and manage a business for the long term.
“Coworkers and other people should be treated with respect and dignity.
“Our culture must transcend the importance of any single person.”
ABF CFO Eoin Tonge will take over as interim head of Primark and will work with the brand's senior management and strategic advisory board, according to ABF.
Joanna Edwards, ABF's group financial controller, will take over from Mr Tong on an interim basis.
Primark, which accounts for almost half of ABF's sales, generated more than £9.4bn (€11.2bn) in revenue in the 2024 financial year.
As a result, shares in ABF, which also owns products such as Ryvita and Twinings, fell 4% in early trading on Monday.
Sourse: breakingnews.ie
