The man who built Ikea into one of the leading international furniture brands is shifting control of the company he started seventy years ago to his youngest son.
Ranked as the world’s fifth wealthiest person with a fortune estimated at $52.7 billion, Ingvar Kamprad founded Ikea in 1943 at the age of 17. Now 87 years old, he has announced plans to leave the company’s board and has tapped Mathias Kamprad to replace the company’s outgoing chairman Per Ludvigsson, Bloomberg noted.
Though the elder Kamprad will no longer sit on Inter Ikea Group’s board, he will continue to serve on the board of Netherlands-based Interogo Foundation, which owns Inter Ikea.
Analysts say the company has been planning to migrate power to the Kamprad family’s next generation for some time. The shift to the younger Kamprad could also mean that Ikea will move to expand its ecommerce platforms.
The elder Kamprad stepped down as Ikea’s CEO in 1986. He currently resides in Switzerland, having left Sweden almost four decades ago to escape high taxes.
Earlier this year, Ikea partnered with Marriott International (MAR) to launch a chain of budget hotels in Europe.