IKEA founder Ingvar Kamprad to step down

IKEA founder Ingvar Kamprad says his departure from the board is part of a generational shift. The son of Ingvar Kamprad, Mathias,?will become chairman of the board.

By Associated Press / June 5, 2013

IKEA founder Ingvar Kamprad attends an event at the Swiss Federal Institute of Technology near Lausanne last month. Mr. Kamprad said Wednesday, June 5, 2013, that he will step down from his position on the IKEA board and that his son had accepted to become board chairman.

Denis Balibouse/Reuters/File

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The founder of Swedish furniture giant?IKEA, Ingvar Kamprad, will leave the board of the firm that controls the?IKEA?brand as part of a gradual shift of responsibilities to his son, he said Wednesday.

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The 87-year-old said the decision to leave the board of Inter?IKEA?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?IKEA?Group controls the brand, while?IKEA?Group is the company that owns the majority of?IKEA?stores.

Kamprad remains senior advisor in the board of the foundation that owns the?IKEA?Group. He left the management of that company in 1986.

The multi-billionaire, who founded?IKEA?when he was only 17, said he won't stop working completely but will continue to share his ideas and spend time in?IKEA's?stores and factories.

"I am happy and proud that Mathias has accepted to become Chairman of the board of Inter?IKEA?Group after that Per Ludvigsson had decided to retire. Mathias is well prepared for his new assignment," he said in a statement.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/YgPr92jARt4/IKEA-founder-Ingvar-Kamprad-to-step-down

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