News: the founder of Swedish furniture giant IKEA, Ingvar Kamprad, has stepped down from the board aged 87 in what he calls a "generational shift" for the company.
The 87-year-old announced his resignation yesterday from the board of Inter IKEA Group, which owns the IKEA brand and intellectual property.
Kamprad's youngest son, 43-year-old Mathias, will replace 70-year-old Per Ludvigsson as chairman of the board.
"I see this as a good time for me to leave the board of Inter Ikea Group," Ingvar Kamprad said in a statement. "By that we are also taking another step in the generation shift that has been ongoing for some years."
"This does however not mean that I will stop working. My passion and engagement for the many people, the IKEA concept, simplicity and cost consciousness is as strong as ever. I will continue share ideas and views. And I will continue to spend time in the stores and in the factories to work with people and help achieve constant improvement," he added.
Kamprad founded Ikea in 1943 when he was just 17, initially selling stationery via mail-order. Furniture was added in 1948 and the brand has since grown to include 300 stores worldwide, distributing its low-cost self-assembly furniture that has been credited with democratising design.
Last year IKEA apologised for selling products manufactured by East German political prisoners in the 1970s and 1980s.