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Report: Ikea founder Ingvar Kamprad still on job

STOCKHOLM, Sweden - Ikea is denying an earlier report that its 86-year-old founder had turned over the reins of his home furnishings company to his three sons, according to a story in The Economic Times.

An earlier report quoted the chairman of Ikea's parent holding company, Goeran Grosskopf, saying founder Ingvar Kamprad "will no longer be there to give his point of view, give advice or support."

But the Times said that in a subsequent written statement, Grosskopf denied the report, noting, "We still have the pleasure of having him as senior advisor to the supervisory board," for the parent Ingka Holding.

Kamprad founded Ikea in southern Sweden in 1943.

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