Ryan to resign as Primark chief

ARTHUR Ryan – the Dublin-born founder and head of cut-price clothing retailer, Primark – is set to stand down as managing director of the company in September; 40 years after establishing the business.

Now part of the larger Associated British Foods (ABF) group, Primark (which trades here as Penneys) was founded by Mr Ryan in the late 1960s, through the opening of the first Penneys store in Dublin.

The company has nearly 200 stores across Ireland, Britain, Spain, Portugal, Holland and Germany (and its looking at expanding elsewhere in mainland Europe) and contributes 35% of its parent group’s annual profits and 24% of its revenues.

The 73-year-old Mr Ryan is, reportedly, set to be replaced as Primark’s managing director by the company’s current chief operating officer, Paul Marchant.

However, the legendary Dubliner is set to remain on as chairman of the company for an undisclosed period of time before formally retiring.

Primark, under Mr Ryan’s leadership, has been one of the few high street retailers to perform well during the current economic downturn.

In the 16 weeks up to the middle of June, the company’s sales were up – on a year-on-year basis – by 21%.

Its financial year runs to the end of September.