Dive Brief:
- Retailer Primark named Lucy Slinger as its new CFO ahead of its planned split from parent company Associated British Foods, according to a Thursday press release.
- The move is the latest executive hire by the fashion business as it seeks to build its leadership team, which announced in March that Eoin Tonge would serve as Primark’s CEO, after approximately a year as interim CEO. The company that month also announced Filip Ekvall, an alum of retailer H&M Group, to the newly-created role of Primark’s chief commercial officer, according to the March press release.
- “I am delighted that I will soon join Primark at such an exciting time,” Slinger wrote of her appointment in a Thursday post on her LinkedIn page. “I admire Primark's commitment to value, its progress on quality and sustainability and ambitious growth plans.”
Dive Insight:
Slinger has served as Deputy CFO for Ingka Group, the global franchise owner of many IKEA furniture stores, since January 2021, according to her LinkedIn profile. Before Ingka Group, she held numerous roles over a more than two-decade span with Shell, including serving as its finance manager for special projects.
Primark will lean on Slinger’s “deep expertise” across financial and operational management and strategic capital allocation as it prepares for life as an independent entity, according to the Thursday release.
ABF’s board announced its plans to spin off Primark from its food businesses after a consultation with its largest shareholder and majority owner, Wittington Investments, according to an April 21 press release. The separation will provide “a clear investment proposition and enhanced investor understanding,” as well as other benefits to the separated businesses, according to the release.
Following the split, the company’s food brands — which include Twinings and Ovaltine — will comprise one entity retaining the ABF name, while Primark will become a standalone company, according to the release. Following the split, which is slated to occur before the end of calendar year 2027, ABF shareholders will receive shares in both new entities.
ABF in April also expressed confidence about the long-term success of both entities, noting Primark has “multiple levers to deliver long-term sustainable growth” and “exceptional brand strength,” according to the release at the time.
For the full-year 2025, Primark recorded annual revenue of £9.5 billion GBP (approximately $12.5 billion USD) on adjusted operating profit of £1.1 million GBP (about $1.4 billion USD), according to ABF’s most recent annual report.
Its grocery segment, by contrast, reported £4.4 billion in annual revenue on operating profit of £478 million, according to the report.
As well as building out its leadership team ahead of the coming demerger, Primark has also continued to expand internationally, announcing the opening of a flagship store in New York City’s Herald Square last month and two stores in Dubai in April, according to company press releases. The business currently operates 480 locations across 19 countries, according to its website.
Despite the brand’s growth, the de-merger plan has also faced scrutiny from experts as Primark faces competition from other retailer brands, as well as confronts a pullback in customer spending due to global inflation and the impact from the Iran War. In January, ABF warned that its 2026 annual profit would dip due to heavy discounting at Primark and anticipated weaker demand in the U.S. for cooking oils and other foodstuffs, Reuters reported at the time.
