Paul Marchant has left the clothing retailer after “an allegation made by an individual about his behavior,” the company said.

Paul Marchant, Primark’s CEO since 2009, has apologized to the individual involved and resigned with immediate effect, the company said Monday. Shares in Primark’s parent, Associated British Foods, fell 4.9% in early trading, compared with a 0.8% drop in Britain’s benchmark stock index.

The CEO of a major budget fashion retailer has stepped down after a woman made an allegation of inappropriate behavior against him, the company says. According to a press release by Primark's owner, Associated British Foods,