Ikea retailer Ingka Group announces first non-Swede CEO

Fast Company

2 days ago

DESIGN
Spaniard Juvencio Maeztu will succeed Jesper Brodin as CEO of Ingka Group.
FILE PHOTO: Deputy CEO and CFO of Ingka Group Juvencio Maeztu, visits an IKEA store in London, Britain November 28, 2023. [Photo: Maja Smiejkowska/File Photo/REUTERS]
BY
The world's biggest retailer of IKEA furniture said on Wednesday CEO Jesper Brodin was stepping down after eight years, to be succeeded by Spaniard Juvencio Maeztu, the first non-Swede to lead the group.
Maeztu takes the top job at Ingka Group as the Swedish retailer grapples with U.S. tariffs, wars and geopolitical tensions that risk disrupting its operations spanning 31 countries from Europe to China, India and the United States.
Brodin, CEO since 2017, said his decision to step down was not easy, but that it was the right time to do so. Maeztu is to start in the new role by November 5, with Brodin staying at the company until the end of February to ease the transition.
Deputy CEO and chief financial officer since 2018, Maeztu, 57, started at IKEA in 2001 as manager of the Alcorcon store in Madrid, later managing the Wembley store in London, before a six-year stint as CEO of IKEA India.
'We've been riding through quite some storms together — pandemic, geopolitical issues, war, etcetera,' Brodin, 56, told Reuters.
'So in a way I feel proud of the things we have achieved but also super confident that the IKEA house is in good order and we'll be able to take off for the future with Juvencio.'
Under Brodin, Ingka Group invested heavily to improve online shopping for IKEA, driving the retailer's online sales up. Ingka also set new emissions reduction targets and reported in January that emissions fell by 30.1% from its 2016 baseline.
Brodin said the appointment of Maeztu, who grew up in Cadiz and does not speak Swedish, shows IKEA's global culture works.
The incoming CEO is setting off on a 'listening tour' of its big blue stores around the world, starting in Asia, as he builds his strategy to grow the company which last year reported weaker net profit and revenue after slashing prices.
'I am fully determined to make IKEA grow and to really be relevant for many millions more consumers around the world,' Maeztu told Reuters. He has said tariffs make it harder for IKEA to keep prices low.
Privately-held Ingka Group will report sales figures in mid-October for its financial year ending August 31. As the biggest franchisee, Ingka sells IKEA products manufactured by brand owner and franchiser Inter IKEA.
—Helen Reid, Reuters