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Mathias Kamprad is IKEA's new chairman in 'generational shift'

Founder Ingvar Kamprad and former Chairman Per Ludvigsson step down

IKEA founder Ingvar Kamprad has stepped down from his company's board of directors, along with Inter IKEA Holding SA's 70-year-old chairman, Per Ludvigsson, who for some years has been planning to retire according to a company statement. Inter IKEA Holding

Kamprad's son, Mathias Kamprad has been appointed chairman of the board of Inter IKEA Holding SA, the holding company of Inter IKEA Group. Hans Gydell has been appointed vice chairman.

"I feel honored and excited about my new assignment as chairman of the board of Inter IKEA Group," Mathias Kamprad said. "We have an experienced board team that together covers the needs of all divisions, and for me it is a privilege to be part of that team. Maintaining a strong culture will continue to be the basis for our journey."

In the statement, the company said Ingvar Kamprad found this to be the right time for him to leave the board, and that the move is part of a generational shift that has been prepared for and ongoing for some years.

"I am happy and proud that Mathias has accepted to become Chairman of the board of Inter IKEA Group after Per Ludvigsson had decided to retire. Mathias is well prepared for his new assignment. I am also happy that Hans Gydell has accepted to become vice chairman of the board." Ingvar Kamprad said. "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. Our journey has just started."

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