Ikea founder leaves key role

 
City A.M. Reporter
INGVAR Kamprad, the creator of Swedish furniture retailer Ikea, is to take a step back from his company as the youngest of his three sons takes a key board role in a gradual handover of power.

Kamprad, 87, who founded the business in rural south Sweden 70 years ago, stepped down in 1986 as chief executive of Ikea, which has become the world's biggest furniture group, famous for its flat packs and do-it-yourself assembly.

Yesterday, he announced that he will leave the board of a key company within the business - Inter Ikea Group - and his youngest son Mathias will take over as its chairman. The division owns the intellectual property around the Ikea brand and accounts for around three per cent of the total company’s sales. Ingvar Kamprad will remain as chair of Ikea’s biggest division.

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