Primark CEO Resigns Amid Controversy: A Leadership Shift at Europe's Fashion Giant

Paul Marchant, CEO of Primark, resigns amidst an investigation into inappropriate behavior towards a woman, expressing regret for falling short of company standards. Associated British Foods, Primark’s parent company, appointed Eoin Tonge as interim CEO amid a 4.9% drop in its shares following the announcement.

Paul Marchant has stepped down as the chief executive of Primark following an investigation into his conduct involving a woman in a social situation. The company's parent, Associated British Foods, revealed the news on Monday, leading to a notable dip in the company's stock.

Marchant, associated with Primark since 2009, expressed contrition, acknowledging the lapse in judgment that led to his resignation. In response to the development, Eoin Tonge, the finance director at Associated British Foods, has been appointed as the interim CEO, as per the company's official statement.

External lawyers conducted the investigation into Marchant's actions, to which he fully cooperated. The company reiterated its dedication to maintaining a respectful and inclusive work environment, with ABF Chief Executive George Weston emphasizing the importance of integrity in sustaining long-term business success.

(With inputs from agencies.)