Primark CEO Resigns Amid Misconduct Probe

Paul Marchant, CEO of Primark, resigned following an investigation into his behavior towards a woman in a social setting. Marchant apologized, acknowledging his misjudgment. Eoin Tonge will serve as interim CEO. Primark's owner witnessed a share dip, emphasizing its commitment to maintaining high integrity standards.

Paul Marchant, who has served as the CEO of Primark since 2009, has stepped down after an investigation into his behavior towards a woman in a social setting, according to an official company statement. Marchant issued an apology to the person involved and resigned immediately.

On Monday, shares of Primark's parent company, Associated British Foods, fell by 4.9%, significantly sharper than the 0.8% decline seen in Britain's benchmark stock index. The company stated that Marchant admitted to an error in judgment and conceded that his actions did not meet the company's high standards.

With 451 stores across Europe and the US, Primark announced Eoin Tonge, the finance director of Associated British Foods, as the interim CEO. The investigation was led by external lawyers with Marchant's cooperation. The company reaffirmed its dedication to creating a safe and respectful workplace culture.

(With inputs from agencies.)