LONDON (dpa-AFX) - Associated British Foods Plc (ASBFY.PK, ABF.L) said on Monday that Primark Chief Executive Paul Marchant has stepped down from his role, with immediate effect. Primark is the retail divison of Associated British Foods.
The food processing and retailing company said that Eoin Tonge, ABF Finance Director, will function as Primark Chief Executive on an interim basis, working with the senior Primark management team and Strategic Advisory Board. Joana Edwards, ABF Group Financial Controller, will take over as the interim ABF Finance Director.
Associated British Foods said that Paul Marchant's departure follows an investigation by ABF, conducted by external lawyers, into an allegation regarding his behaviour towards an individual, in a social setting. He cooperated, acknowledged his poor judgment, and accepted that his actions did not meet ABF's standards. He has apologized to the individual involved, the ABF Board, and his colleagues at Primark.
Commenting on the developments, George Weston, Chief Executive, ABF, said, 'I am immensely disappointed. At ABF, we believe that high standards of integrity are essential. 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.'
The company will report its interim financial results as earlier announced on April 29.
On the LSE, the stock is currently trading at 1,869.50 pence, down 3.60 percent.
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