Lucy Slinger, deputy CFO at Ingka Group, will join Primark as CFO as the retailer prepares to spin off from AB Foods by end of 2027.
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Lucy Slinger is joining Primark as chief financial officer, the latest executive hire as the retailer consolidates plans to become an independent company. Slinger has served as deputy CFO for Ingka Group, the global franchise owner of most IKEA stores, since January 2021, according to her LinkedIn profile. Before Ingka Group, she spent more than two decades at Shell, including a stint as 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, the company said in a Thursday release.
ABF's board announced plans in April to spin off Primark from its food businesses after consulting with its largest shareholder and majority owner, Wittington Investments. The separation will provide “a clearer investment proposition and enhanced investor understanding,” as well as other benefits to the separated businesses, according to the April 21 press 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. The company's food brands – which include Twinings and Ovaltine – will retain the ABF name, while Primark becomes a stand-alone company.
For the full year 2025, Primark recorded annual revenue of 9.5 billion pounds (approximately $12.5 billion) on adjusted operating profit of 1.1 billion pounds, according to ABF's most recent annual report. Its grocery segment reported 4.1 billion pounds in revenue on operating profit of 478 million pounds.
As well as building out its leadership team ahead of the demerger, Primark has continued to expand internationally. It announced 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.
Despite the brand's growth, the demerger plan has drawn questions from analysts. Primark faces competition from other retailers and a pullback in customer spending tied 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.
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