IKEA founder Ingvar Kamprad steps aside — a step in 'generation shift'

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

The 87-year-old says the decision Wednesday 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 says he won’t stop working completely but will continue to share his ideas and spend time in IKEA’s stores and factories. He says Mathias is “well prepared for his new assignment.”