Primark’s CEO Resignation Comes at a Fraught Time

Although Primark's international performance was much better thanks to the group pressing ahead with its store rollout programme, there could be uncertainty ahead about the speed of expansion given the change of boss,

Streeter said

The change at the top will be unsettling particularly given that Primark delivered a very mixed bag of results at the last count,

said Susannah Streeter, head of money and markets at Hargreaves Lansdown

Marchant cooperated with the investigation, acknowledged his error of judgement and accepts that his actions fell below the standards expected by ABF,

the company said in a statement

This leadership upset comes amid weaker consumer sentiment,

she added

George Westonceo

I am immensely disappointed. At ABF, we believe that high standards of integrity are essential,

said CEO George Weston

It is, indeed, a very disappointing, to say the least, end for Mr. Marchant and all at Primark and ABF, where he has overseen the development of a fine value-based retailer with strong prospects for growth,

said Shore Capital analyst Clive Black

But we don’t think Primark are in a rush to fill the void until they find the right person to take charge,

they said

He has made an apology to the individual concerned, the ABF board and also to his Primark colleagues and others connected to the business,

the firm added

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.”

ABF