APThe youngest son of the Ikea founder will take over as CEO of the brand.
Ikea announced today that Mathias Kamprad was appointed the new chairman of the board of the international retail brand.
He will replace Per Ludvigsson, the 70-year-old chairman who had been planning to leave for a number of years.
Mathias’s older brothers also have leadership roles with the company. Peter is the chairman of the finance, real estate, insurance and retail arm, Ikano Group, while Jonas sits on the board of Ingka Holding, the parent company of the Ikea Group, according to Katarina Gustafsson at Bloomberg News.
Ingvar Kamprad , 87, started Ikea in Agunnaryd, Sweden in 1943 and stepped down from his position as CEO of the company in 1986.
He’s the world’s fifth-richest man, with an estimated worth of $52.7 billion, according to the Bloomberg Billionaire’s index
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