Associated British Foods (ABF) is drawing up a shortlist of candidates to take over from veteran Irish retailer Arthur Ryan as the head of Primark, its fast-growing fashion chain that operates in Ireland as Penneys.
The food producer and retailer has hired Odgers Ray & Berndtson to conduct the search for a successor to Mr Ryan, who has built Primark from a single store in Dublin into one of the UK's most popular fashion chains.
The change of leadership will be closely watched by fellow retailers, given how important Mr Ryan has been to the creation, growth and success of Primark and Penneys.
Mr Ryan has been very hands on at the chain, but at 71-years- old, is likely to be preparing for retirement as chairman and chief executive of the business.
It is thought that Anthony Thompson, a former retail director at Marks & Spencer, who resigned this year after falling out with chief executive Stuart Rose, has held talks about the post.
One retail source said ABF was probably looking at senior retailers at other chains such as New Look, Tesco, George at Asda and Next.
Kate Bostock, who heads women's wear and girls' wear at M&S, would also have the right skills - although it would be hard to entice her from her present position in M&S.
Mr Ryan, who hails from Limerick and keeps a low media profile, has run Primark since 1969.
He has built the business into a chain with 166 stores in Ireland and the UK, which made profits of £185 million in the year to September 2006.
Primark is based in Dublin. The company uses the Penneys brand in Ireland.
It has 36 stores in the Republic and eight in Northern Ireland and also operates a 18,580sq m (200,000sq ft) distribution centre in Naas, Co Kildare. The company also has two stores in Spain.
Its formula of cheap, fashionable and ever-changing ranges has proved a hit with the under-35s.
In the first half of this year, Primark opened 23 stores and made an operating profit of £91 million.
The opening of its first central London store in Oxford Street required mounted police to keep a crowd of 3,000 under control as they jostled for bargains.
ABF declined to comment "on the specifics of succession", but added: "We can say however that senior management succession planning is an important element in the risk management process throughout the ABF group and Primark is no exception."
