The move comes amid a number of changes to the board of Inter Ikea Group, the holding company that manages the Ikea brand, retailing concept, and franchising operations.
“I see this as a good time for me to leave the board of Inter Ikea Group. By that we are also taking another step in the generation shift that has been ongoing for some years,” the 87-year-old Kamprad said in a statement.
At the same time, Per Ludvigsson, the chairman of Inter Ikea Holding, the holding company of Inter Ikea Group, is stepping down with the Ikea founder’s youngest son, Mathias Kamprad, taking over.
The elder Kamprad said his son is “well-prepared” for the new assignment, and that, despite his decision to leave the board, he would remain engaged with the company he started in 1943.
“My passion and engagement for the many people, the Ikea concept, simplicity and cost consciousness is as strong as ever,” he said.
“I will continue to 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. Our journey has just started.”
Ingvar Kamprad stepped down as CEO Ikea in 1986 and has lived in Switzerland since the 1970s, but has remained one of the most influential names in the Swedish business world for decades.
He still chairs the Dutch-registered Stiching Ingka Foundation, which controls Ikea Group and sits on the board of family-controlled Interogo Foundation in Liechtenstein, which in turn owns Inter Ikea Group.
His son Mathias, born in 1969, is the youngest of the founder’s three sons and also sits on the Interogo Foundation board.