Ikea founder steps down as son becomes chairman

Ikea founder Ingvar Kamprad will leave the board of Inter Ikea Group, which owns the flat-pack furniture chain's brand and concept, as the Swedish billionaire's youngest son becomes chairman.

Mathias Kamprad replaces Inter Ikea Holding chairman Per Ludvigsson as part of a generational shift that has been in preparation for years, Inter Ikea Group said in a statement Wednesday. Hans Gydell has been appointed vice chairman of the board.

Ingvar Kamprad, 87, who started his business ventures selling matches to his neighbors at the age of 5 and founded Ikea in 1943, retired as chief executive of the world's biggest home-furnishings retailer in 1986.

"I see this as a good time for me to leave the board of Inter Ikea Group," Kamprad said in the statement. "This does however not mean that I will stop working." Ikea's ownership structure is a complex web of foundations and associated companies based in Holland. Ingvar Kamprad remains on the board of Liechtenstein-based Interogo Foundation, which owns the Inter Ikea Group and is also senior adviser to the parent company of the Ikea Group, which owns the majority of the world's Ikea stores.