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The Fast Fashion fashion retailer chief resigned on Monday after admitting that he made an “trial error” with a woman in a social environment.
Primark’s parent company, Associated British Foods PLC, said Paul Marchant’s departure occurs after a complaint was filed about his behavior. AB Foods took advantage of Finance director Eoin Tonge to become an interim CEO immediately.
Marchant realized that his actions “fell below the standards expected by ABF” after
AB Foods initiated an investigation, and carried out by external lawyers, about the accusation that the individual made about his behavior. According to the retailer, Marchant recognized his “error in the trial” and realized that his actions “fell below the standards expected by ABF.”
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Paul Marchant, CEO of the Irish multinational fashion retailer, Primark, poses for a photograph after an interview with AFP at the company’s headquarters in Dublin on November 21, 2024. (Paul Faith / AFP through Getty Images / Getty Images)
The executive director apologized to the individual, the British Board of Associated Foods and his colleagues, as well as “others connected to the business,” according to the company.
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The Executive President of AB Foods, George Weston, said he was “immensely disappointed” underway, since the company believes “that high standards of integrity are essential.”
View of the entrance of a Primark store. (Marcos del Mazo / Lightrocket through Getty Images / Getty Images)
“Act responsible is the only way to build and manage a long -term business,” said Weston. “Colleagues and others must be treated with respect and dignity. Our culture must be, and is, bigger than any individual.”
The retail chain was founded in Ireland in 1969 under the Penneys brand. Today, the multinational brand operates in 17 countries in Europe and the United States. Use more than 80,000 people.
Primark has 450 stores worldwide. AB Food also has several other divisions, including groceries, sugar, agriculture and ingredients, but their retail business contributes approximately half of the group profits to AB Foods.
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Barclays analysts said that Marchant’s position, one of the main roles in the United Kingdom’s retail trade, will probably receive a lot of interest from possible candidates.
“But we do not believe that Primark is in a hurry to fill the void until I find the right person to take charge,” they said.
Reuters contributed to this report.
