News Column

IKEA Founder to Leave Board

June 5, 2013

Ingvar Kamprad, the founder of Swedish furniture chain Ikea, is to leave the board of the company that is the franchiser of the Ikea concept, a Swedish financial daily reported Wednesday.

"The timing is good for me to leave the board of Inter Ikea Group. We take another step in the generational shift," Kamprad told the Dagens Industri nwewspaper.

Inter Ikea also owns the Ikea trademark, and is part of the group's complex network of foundations and holding companies.

The 87-year-old Kamprad founded Ikea in 1943. The conglomerate has about 340 stores worldwide, which pay royalties on all sales to the parent company and gain the right to use the concept.

Mathias Kamprad, 44, the youngest of Kamprad's three sons, was to take over as board chairman of the Inter Ikea Group, succeeding Per Ludvigsson.

Ingvar Kamprad is to remain a member of other boards, including the foundation that owns Ikea, and will continue as a senior advisor to the board of the parent company.

"I will continue to offer ideas and views," he said.

Kamprad said he planned to spend time in the stores and factories to try to present improvements along with the employees.

His two other sons, Jonas and Peter, have other leading positions in the Ikea group.

For more stories covering business, please see HispanicBusiness' Business Channel

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters