Primark CEO resigns after ‘error of judgment’

The head of fast fashion chain Primark, Paul Marchant, has resigned with immediate effect after he admitted an “error of judgment” towards a woman in a social environment.

The head of fast fashion chain Primark, Paul Marchant, has resigned with immediate effect after he admitted an “error of judgment” towards a woman in a social environment. Parent-company Associated British Foods said in a statement on Monday that Marchant had accepted his actions fell below the standards expected, and the chief executive of the 14 billion pound ($18 billion) conglomerate said he was “immensely disappointed.” Primark has over 450 stores in 17 countries across Europe and the United States, with Marchant growing operating profit from about 250 million pounds to over a billion pounds and more than doubling its store footprint during his more than 15 years in charge. Primark, founded in Ireland and with a huge presence on British high streets, contributes about half of group profit to AB Foods, which also owns major grocery, sugar, agriculture and ingredients businesses. Shares in the parent company were trading down 4% on Monday morning. “I am immensely disappointed. At ABF, we believe that high standards of integrity are essential,” said CEO George Weston.