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.<br /><br />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&rsquo;s chief operating officer.<br /><br />Associated British Foods (ABF), Primark&rsquo;s parent company, declined to comment.<br /><br />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.<br /><br />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.