Ingka Group, the holding company that operates the majority of IKEA stores, has appointed a non-Swedish as CEO and president for the first time: Spaniard Juvencio Maeztu will succeed Jesper Brodin on November 5.
Turbulent period
Maeztu started at Ikea in 2001 as store manager in Spain and over the following years grew into various positions within the company. For example, he was also in charge of the retailer’s operations in India.
Brodin is stepping down after eight years in the role of CEO: a turbulent period marked by, among other things, the death of founder Ingvar Kamprad, a major business transformation with an offensive in city centers and online, the corona pandemic and a major supply chain crisis. He will continue to work for Ikea until February, after which he will become senior adviser to the Ikea Foundation, the group’s charity.
Ingka Group, the company that operates nearly 90% of all Ikea stores in 31 markets, saw its sales fall 5% last year and its net profit nearly halve as it prioritized price cuts after years of increases due to supply chain problems.
