IKEA founder Ingvar Kamprad passes on the torch

IKEA founder Ingvar Kamprad passes on the torch

The founder of IKEA is letting go of his brainchild a little bit more: Ingvar Kamprad is quitting the board of directors of the core company of the Swedish furniture empire, now his youngest son Mathias has become its chairman.

Mathias Kamprad new chairman board of directors

The founder of IKEA is quitting as a member of the board of directors of Inter Ikea Group, the company within the empire that owns the brand and the concept. Mathias Kamprad was already a member of the board of directors, but is now taking over the role of chairman from Per Ludvigsson, who will retire at age seventy.

 

“I see this as a good time for me to leave the board of Inter IKEA Group. By that we are also taking another step in the generation shift that has been ongoing for some years”, said Ingvar Kamprad.

 

Not completely on the side-lines

Yet Ingvar Kamprad is not completely put on the side-lines: he remains involved with the Dutch foundation Ingka, which owns 302 of 343 shops worldwide. He also still works in Liechtenstein, in another branch of the IKEA empire's tangle of companies and foundations.

 

Kamprad is already 87 years old: he founded IKEA seventy years ago and was CEO until 1986. After that he limited himself to his role in a few boards of the group. His two other sons, Jonas and Peter, also have managerial positions at the company.

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