IKEA founder Ingvar Kamprad to step down
| STOCKHOLM
The founder of Swedish furniture giant聽IKEA, Ingvar Kamprad, will leave the board of the firm that controls the聽IKEA聽brand as part of a gradual shift of responsibilities to his son, he said Wednesday.
The 87-year-old said the decision to leave the board of Inter聽IKEA聽Group is a step "in the generation shift that has been ongoing for some years." His son Mathias Kamprad will replace 70-year-old Per Ludvigsson as chairman of the board.
Inter聽IKEA聽Group controls the brand, while聽IKEA聽Group is the company that owns the majority of聽IKEA聽stores.
Kamprad remains senior advisor in the board of the foundation that owns the聽IKEA聽Group. He left the management of that company in 1986.
The multi-billionaire, who founded聽IKEA聽when he was only 17, said he won't stop working completely but will continue to share his ideas and spend time in聽IKEA's聽stores and factories.
"I am happy and proud that Mathias has accepted to become Chairman of the board of Inter聽IKEA聽Group after that Per Ludvigsson had decided to retire. Mathias is well prepared for his new assignment," he said in a statement.
