The CEO of retail giant Primark, which boasts over 450 stores in 17 countries across Europe and the United States, has announced his resignation following an “error of judgment.”
Marchant’s resignation follows his cooperation with an investigation “into an allegation made by an individual about his behaviour towards her in a social environment.” It is unclear if the person involved was an employee.
Primark’s parent-company Associated British Foods, stated that Marchant’s actions fell below the company’s high expectations. “I am immensely disappointed. At ABF, we believe that high standards of integrity are essential,” ABF CEO George Weston said.
“Acting responsibly is the only way to build and manage a business over the long term. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual.”
Eoin Tonge, AB Foods’ finance director, will serve as interim CEO of the $18 billion company.
By CEO NA Editorial Staff
