Swedish furniture manufacturer IKEA this week announced that company founder Ingvar Kamprad has stepped down from the company’s board of directors. As the 87-year-old Kamprad steps down, so has IKEA’s 70-year-old chairman, Per Ludvigsson. Kamprad’s son, Mathias Kamprad, has been appointed the new chairman of the board of Inter IKEA Holding SA.

“I feel honoured and excited about my new assignment as Chairman of the Board of Inter IKEA Group,” said Mathias Kamprad. “I am very much looking forward to working closer with Sören and his team.

“It is business as usual with the aim to become a bit better every day. Our main task will always be to ensure a long life for the IKEA Concept by keeping the needs of the many people in mind. As this will require investments in both good and bad times, the group strives to be financially independent.”

IKEA stated that Ludvigsson had been planning to retire for some years. The company also described the management changes as being part of a “generational shift” that had been planned for 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,” said Ingvar Kamprad. “Mathias is well prepared for his new assignment. I am also happy that Hans Gydell has accepted to become vice chairman of the board.

“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.”