Ikea founder Ingvar Kamprad has announced that he is stepping down as chairman of Inter Ikea Holding, the group that owns the Swedish furniture giant.
Kamprad, 87, has served the company for 70 years, making it the world’s largest furniture retailer.
According to The Telegraph, he will be replaced by his youngest son, Mathias Kamprad.
Ikea said the board changes formed part of a “generational shift that has been prepared for and ongoing for some years.”
“I will continue to spend time in the stores and in the factories to work with people and help achieve constant improvement,” Ingvar Kamprad said on Wednesday. “Our journey has just started.”
The news of the generation shift came as Inter Ikea reported a fivefold increase in net profit last year and a 9 per cent increase in revenues to €2.66bn.