Primark CEO Resigns Amid 'Error of Judgment' Scandal

Primark CEO Paul Marchant has resigned after admitting to an 'error of judgment' involving a woman in a social setting. The parent company, AB Foods, expressed disappointment, emphasizing their commitment to integrity. Marchant's tenure saw significant profit growth, but shares fell 3.5% after the news.

In a surprising turn of events, Primark CEO Paul Marchant has resigned from his position with immediate effect, following his admission of an 'error of judgment' regarding his conduct towards a woman. The announcement was made by parent company AB Foods, which expressed profound disappointment, highlighting that Marchant's actions did not meet the expected standards of integrity.

During his tenure, Marchant played a pivotal role in enhancing Primark's profitability, steering the brand to new heights with operating profits soaring from 250 million pounds to more than a billion pounds. Despite Primark's significant contribution to approximately half of AB Foods' group profit, the conglomerate witnessed a 3.5% dip in shares post-announcement.

AB Foods' CEO George Weston, emphasizing their corporate ethos, underscored the necessity of maintaining high ethical standards. The company assured continued support to the woman involved and announced interim leadership appointments, with Eoin Tonge as Primark's chief executive and Joana Edwards as finance director.

(With inputs from agencies.)