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IKEA reshuffles the furniture with new generation

STOCKHOLM (Reuters) – Asked if he would ever quit IKEA, 87-year-old founder Ingvar Kamprad told an interviewer last year he “had no time to die”. But his latest step back from the world’s biggest furniture group has pushed a younger generation to the fore.

Kamprad, who founded the business 70 years ago and is one of Europe’s wealthiest men, will leave the board of a major company within the business, Inter IKEA Group, which owns the brand and directs strategy. He had already stepped down as chief executive as long ago as 1986. His youngest son Mathias becomes chairman.