AB Foods Regulatory News (ABF)

31 March 2025

Primark leadership change

Associated British Foods plc ("ABF" or the "Group") announces today that Paul Marchant has resigned from his role as Primark Chief Executive with immediate effect.

Eoin Tonge, ABF Finance Director, will act as Primark Chief Executive on an interim basis working with the senior Primark management team and Primark's Strategic Advisory Board. Joana Edwards, ABF Group Financial Controller, will act as interim ABF Finance Director. Both executives have the experience to perform these roles well.

Paul Marchant's departure follows an investigation, initiated by ABF and carried out by external lawyers, into an allegation made by an individual about his behaviour towards her in a social environment. Paul Marchant cooperated with the investigation, acknowledged his error of judgement and accepts that his actions fell below the standards expected by ABF. He has made an apology to the individual concerned, the ABF Board and also to his Primark colleagues and others connected to the business.

As we have committed to publicly, ABF seeks to provide a safe, respectful, and inclusive work environment where all employees and third parties are treated with dignity and respect. Primark is committed to doing business the right way at all levels of the company.

The Group will continue to offer support to the individual who brought this behaviour to its attention.

George Weston, Chief Executive of 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 Group will announce its interim financial results as planned on 29 April 2025.

For further information, please contact:

Associated British Foods

+44 20 7399 6545

Paul Lister, Company Secretary and Director of Legal Services

Chris Barrie, Corporate Affairs Director

Lucinda Baker, Head of Investor Relations

Citigate Dewe Rogerson

+44 7638 9571

Kevin Smith +44 7710 815 924

Lucy Gibbs +44 7957 596 729

Media inquiries

Primark press office: press@primark.com

Edelman

Liza Ravenscroft +44 7939 917328

This announcement contains inside information. The person responsible for arranging the release of the announcement is Paul Lister, Director of Legal Services and Company Secretary.