Primark Names IKEA Veteran Lucy Slinger as CFO Ahead of AB Foods Split

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6.13.2026

Quick Facts

Lucy Slinger, former Deputy CFO of IKEA franchisee Ingka Group, joins as CFO ahead of Primark’s planned split from AB Foods
The separation is expected to complete before the end of 2027, creating two FTSE 100 companies with combined annual sales of £19.3 billion
AB Foods expects £75 million in one-off separation costs and will lose below £45 million in synergies from the split

Primark named Lucy Slinger as its new CFO on Thursday as the fashion retailer prepares for its planned separation from parent company Associated British Foods. The appointment marks another key executive hire as Primark builds its standalone leadership team.

Slinger joins from Ingka Group, the global franchise owner of IKEA stores across 32 countries, where she served as Deputy CFO since January 2021. She previously spent over two decades at Shell in senior finance roles, including CFO of the Global Aviation business.

“She brings deep financial expertise from large global organizations, alongside an impressive track record in disciplined investment and operational performance,” said Primark CEO Eoin Tonge. “As we accelerate our growth strategy and prepare for a standalone future, her leadership will be invaluable.”

The separation will split AB Foods into two companies. Primark generates annual sales of £9.5 billion across 486 stores in 19 markets. The food business, which includes brands like Twinings and Patak’s, generates £9.8 billion in annual sales.

AB Foods announced the split in April after consulting with majority shareholder Wittington Investments. The company expects the demerger to complete before the end of 2027 through a dividend distribution to shareholders.

“The separation will provide a clearer investment proposition and enhanced investor understanding,” AB Foods said in its April announcement. Both companies are expected to list on the London Stock Exchange and join the FTSE 100 index.

The split comes as AB Foods faces market challenges. Shares fell 4.8% to 1,795p when the company reported interim results showing adjusted operating profit declined 18% to £691 million. Sugar and grocery businesses weighed on performance.

RBC analysts called the split “a major positive for investors” and “structurally the right long-term call.” However, they warned that “the consumer outlook and outlook for both sides of the business looks quite challenging.”

Slinger’s appointment follows other recent executive hires. Eoin Tonge became CEO in March after serving as interim CEO for a year. The company also named Filip Ekvall, an H&M Group veteran, as chief commercial officer.

Wittington Investments, the founding Weston family’s investment vehicle, will maintain majority stakes in both companies after the split.