Primark CEO Resigns After ‘Error of Judgment’
Paul Marchant, CEO of Primark, has resigned “with immediate effect” from his role that guides the discount clothing dealer after an accusation on his behavior, the company announced Monday.
Marchant, who joined Primark in 2009, started after the company hired lawyers to investigate “an accusation made by an individual on his behavior towards him in a social environment”, Associated British Foods, the mother company of Primark, he said in a declaration.
He said he had collaborated with the investigation, “he recognized his error of judgment and accepts that his shares went down below the standards provided for by the company”. Marchant apologized to the individual, the advice and others in Primark, according to the declaration.
“I am immensely disappointed,” said George Weston, CEO of Associated British Foods, in the declaration. “We believe that high integrity standards are essential,” he added.
Primark is a low -cost clothing giant that has become synonymous with a certain type of economic and sacrificable fashion. Arthur Ryan, its founder, fought to keep prices low.
Ryan appointed Mr. Marchant, who had worked for a long time in the sale of fashion retail, as his successor as a managing director. Under Mr. Marchant, Primark prosperò.
It has more than 450 stores in 17 countries and takes about 82,000 people. The retailer recorded sales of 9.4 billion pounds ($ 12.2 billion) for its last financial year, with an increase of 5 % compared to the previous year.
The retailer, who was founded in Dublin in 1969 and extended to England in 1973, is now a staple on the main streets of the cities of the region: the shops in Great Britain and Ireland represent about half of his sales.
Primark made his way to the United States, which represents about 5 percent of his sales. In January, the company ran 29 stores in the country and signed 17 lease contracts for future places.
“Under Paul’s guidance,” said the retailer in a Online biography Of his managers, “Primark has become a truly international deal”. The company observed that Marchant has conducted expansion in Europe and the United States, “rather than double the imprint of our shop since united”.
THE Actions price Of Primark’s parent company it dropped by about 4 percent after the ad, close to the minimum of 52 weeks.
Primark did not immediately respond to a commentary request.
