Shock Exit: Primark CEO Resigns Amid Controversy

Primark CEO Paul Marchant has resigned following an 'error of judgment' during a social encounter. Despite his success in expanding the brand, an investigation revealed inappropriate behavior. AB Foods is supporting the woman involved as they appoint interim leaders, Eoin Tonge and Joana Edwards.

In a surprise move, Primark CEO Paul Marchant has stepped down with immediate effect, following an admission of an 'error of judgment' during a social interaction last year. Marchant, who significantly grew the brand over 15 years, acknowledged falling short of the company's standards.

Associated British Foods (ABF), Primark's parent company, confirmed that an external legal investigation had been conducted into Marchant's actions. The incident, initially reported by a woman in a non-professional context, led to Marchant's resignation. ABF is providing ongoing support to the complainant.

Eoin Tonge, ABF's finance director, is taking over as interim CEO at Primark, with Joana Edwards stepping in as interim finance director. Analysts suggest that the respected retail position will attract significant interest, but ABF is not in a hurry to appoint a permanent replacement.

(With inputs from agencies.)