Primark CEO Paul Marchant has stepped down from his role after admitting an “error of judgement” amid allegations of inappropriate behaviour towards a woman.
Following an investigation by external lawyers, Associated British Foods (ABF), which owns Primark, said Marchant “acknowledged his error of judgement and accepts that his actions fell below the standards expected”.
George Weston, chief executive of ABF, said: “I am immensely disappointed. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual.
“At ABF, we believe that high standards of integrity are essential. Acting responsibly is the only way to build and manage a business over the long term.”
The company said it remains in contact with the individual “who rightly raised her concerns and have offered her our support”.
Marchant, who became chief executive of Primark in 2009, reportedly co-operated with the investigation and apologised to the individual.
ABF’s share price fell by nearly 4 percent to £18.64 each after the announcement.
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