Primark founder to step down as MD

THE publicity-shy founder of Primark, Arthur Ryan, will step down as managing director of the retailer in September.

Ryan, who opened its first store in Dublin 40 years ago, is likely to be replaced by Paul Marchant, a former New Look executive and Primark’s chief operating officer.

Associated British Foods (ABF), Primark’s parent company, declined to comment.

It is thought that Ryan, who is in his seventies, will stay on at the 190-store chain for a period as chairman before he eventually retires.

Primark has become a high street favourite in the last decade with its modern styling and cheap prices. Over the 16 weeks to June 20, sales at the chain rose by 21per cent.