Ikea founder passes torch to sons
Ingvar Kamprad, founder of Ikea, is passing on the torch to his three sons Jonas, Mathias and Peter Kamprad. The younger Kamprads will take over control of the Ikea furniture empire, a decision that was made in connection with the founder’s 86th birthday.
Says Kamprad’s spokesman Per Heggenes: “It was a natural time for the family to more clearly define the three sons’ future roles and responsibilities.” Ikea is divided into three separate groups, and each son is running one part each.
"We will continue to focus on our core businesses and with the default values Ingvar has established in his so-called legacy," Göran Grosskopf, chairman of Ikea's parent company Ingka Holding told Swedish newspaper Expressen. Ingvar Kamprad is ranked as Sweden's richest man; Ikea generated more than $33 billion in revenue and nearly $4 billion in net income in 2011.
Ikea founder Ingvar Kamprad will be passing the torch to his sons.