Primark CEO Resigns, ABF Stock Drops 4%

Paul Marchant, CEO of Primark, has resigned following an allegation of inappropriate behavior towards a woman in a social environment. Marchant, who has led the fashion retailer since 2009, admitted to an error of judgment and accepted that his actions were below the standards expected by Associated British Foods (ABF), Primark's parent company. He cooperated with an external investigation, apologized to the woman, the ABF board, and his colleagues. Following his resignation, ABF's finance director, Eoin Tonge, will serve as interim CEO of Primark. Marchant's departure caused a drop in ABF's stock price by approximately 4%. The company emphasized its commitment to maintaining a respectful and dignified work environment.