0752 GMT - AB Foods surprised markets with a highly disappointing announcement that long-standing Primark CEO Paul Marchant resigned due to inappropriate behavior, Shore Capital analyst Darren Shirley says in a note. "We concur with the views of [AB Foods CEO] Mr. Weston around the bigger factor of dignity and respect being more important than any one person, no matter how senior," Shirley says. The announcement brings a very disappointing end for Marchant, after he led the development of a fine value-based retailer with strong prospects for growth, he says. The analyst agrees that the executive appointed to replace Marchant on an interim basis, current AB Foods finance director Eoin Tonge, has experience to perform the role well. Shares are down 3.4% at 18.74 pounds. (michael.susin@wsj.com)
(END) Dow Jones Newswires
March 31, 2025 03:53 ET (07:53 GMT)
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