Primark appoints IKEA-backed executive as CFO ahead of ABF split

Quick News Roundup

• Retailer Primark announced in a press release on Thursday that it has appointed Lucy Slinger as its new Chief Financial Officer (CFO), a move that comes ahead of a planned split from its parent company, Associated British Foods (ABF).
• This is the latest executive appointment as the fashion business builds its leadership team. Primark announced in March that Eoin Tonge would become CEO of Primark after serving as interim CEO for about a year. According to a March press release, the company also announced that month the appointment of former H&M Group executive Filip Ekvall to the newly created role of Chief Commercial Officer at Primark.
• "I am delighted to be joining Primark at such an exciting time," Slinger wrote in a post on her LinkedIn page on Thursday. "I admire Primark's commitment to value, the progress made on quality and sustainability, and its ambitious growth plans."

Deep Dive

According to Slinger's LinkedIn profile, she has served as Deputy CFO at Ingka Group, the global franchisee for many IKEA stores, since January 2021. Before joining Ingka Group, she spent more than two decades at Shell, holding various roles including Finance Manager for Special Projects.

According to Thursday's press release, Primark will rely on Slinger's "deep expertise" in financial and operational management as well as strategic capital allocation as it prepares to become an independent entity.

The ABF board announced in a press release on April 21 that it plans to separate Primark from its food businesses following consultations with its largest shareholder and majority owner, Wittington Investments. The release stated that the separation would provide "clearer investment propositions and enhanced investor understanding" and bring other benefits to the separated businesses.

According to the release, after the split, the company's food brands, including Twinings and Ovaltine, will form an entity that retains the ABF name, while Primark will become an independent company. The separation is expected to be completed by the end of the 2027 calendar year, at which point ABF shareholders will receive shares in both new entities.

ABF also expressed confidence in the long-term success of both entities in April, noting that Primark has "multiple levers for long-term sustainable growth" and "exceptional brand strength," as stated in the press release at the time.

According to ABF's latest annual report, Primark recorded annual revenue of £9.5 billion and adjusted operating profit of £1.1 billion in fiscal year 2025.

In comparison, its grocery business generated annual revenue of £4.1 billion and operating profit of £478 million, the report showed.

While building its leadership team for the upcoming split, Primark is also continuing its international expansion. Last month, the company announced the opening of a flagship store in Herald Square, New York City, and in April it opened two stores in Dubai, according to related company press releases. According to its website, the business currently operates 480 stores across 19 countries.

Despite the brand's growth, the split plan has also faced expert scrutiny, as Primark contends with competition from other retail brands while also navigating reduced consumer spending due to global inflation and the impact of the Iran war. In January, ABF warned that its annual profit for 2026 would decline due to heavy discounting at Primark and expected weaker demand for cooking oil and other food products in the U.S., Reuters reported at the time.