Biggest IKEA retailer names veteran Juvencio Maeztu CEO as Brodin steps down
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
3 hours ago
- Hindustan Times
Russia lost an oil client, which is India: What Trump said before meeting Putin
US President Donald Trump and Russian President Vladimir Putin met in Alaska on Saturday and held talks the Republican described as "productive". While he said the two leaders were yet to reach a deal in terms of the Ukraine crisis, "great progress" was made. US President Donald Trump and Russian President Vladimir Putin hold a press conference following their meeting to negotiate an end to the war in Ukraine, at Joint Base Elmendorf-Richardson in Anchorage, Alaska.(REUTERS) As Trump departed for Alaska to meet his Russian counterpart earlier today, he spoke about his expectations from the meeting. In a conversation with Fox News, Trump was asked if there was an economic side to Putin coming to the table for talks, to which the US President mentioned India, saying Russia "lost a major client for their oil". "Well, they lost an oil client so to speak, which is India, which was doing about 40% of the oil, China as you know is doing a If I did secondary sanctions now, that would be devastating from their standpoint," Trump said during the interview on the plane from Washington. Trump's remarks come days after he threatened a 50% tariff on Indian imports citing New Delhi's trade of oil and military equipment with Moscow. Half of these tariffs have come into effect, and the other half are set to come into force on August 27.
Mint
3 hours ago
- Mint
Toronto stocks subdued on Friday, closes green for the week
Aug 15 (Reuters) - Canada's main stock index closed flat on Friday as investors keenly watched a high-stakes meeting between U.S. President Donald Trump and Russian leader Vladimir Putin on a potential path to ending the war in Ukraine. Trump and Putin met face-to-face in Alaska on Friday afternoon. Markets are hoping the meeting could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The Toronto Stock Exchange's S&P/TSX composite index was down 10.50 points, or 0.04%, at 27,905.49. The index gained 0.5% in the week. , blue-chip Dow Jones ended higher after hitting an intraday record high, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve's next monetary policy move. Among TSX sub-indexes, healthcare rose 4%, boosted by an 11% jump in Bausch Health Companies. Materials rose 0.8%, while energy stocks fell 0.2%. "Short-term investors are hoping at least the meeting brings some kind of ceasefire or at least has continuous talks as we're moving towards the end of the summer," said Michael Constantino, CEO at Webull Canada. Meanwhile, Air Canada's unionized flight attendants threatened to go on strike just before 1:00 a.m. ET on Saturday with the country's largest air carrier warning it would cancel 500 flights by the end of the day. Its shares were up about 0.6%. Data on Friday showed Canadian factory sales grew 0.3% in June from May, led by petroleum, coal and food products, while wholesale trade rose 0.7% on gains in food, beverage and tobacco.
NDTV
4 hours ago
- NDTV
US Mulled Use Of Russia Icebreakers For Gas Development Ahead Of Summit, Say Sources
The United States has had internal discussions on using Russian nuclear-powered icebreaker vessels to support the development of gas and LNG projects in Alaska as one of the possible deals to aim for when President Donald Trump meets Vladimir Putin on Friday, three sources familiar with the matter told Reuters. Trump landed in Alaska on Friday for what he called a "high stakes" summit with Russia's Putin to discuss a ceasefire deal for Ukraine and end the deadliest war in Europe since World War Two. Both the US and Russian presidents, due to meet at a Cold War-era air force base in Alaska's largest city, are seeking wins from their first face-to-face talks since Trump returned to the White House. The icebreaker idea has been discussed among White House officials as one of the potential deals to try to strike with Russia at the Alaska summit, one of the sources said. The ongoing talks between the US and Russia over Ukraine have included discussions about business deals. The White House is planning to continue this approach at the summit on Friday, said the source, who like the others spoke on condition of anonymity due to the sensitivity of the talks. The White House did not immediately respond to a request for comment. Kremlin officials were not available for comment. Russia operates the world's only fleet of nuclear-powered icebreakers, which play a central role in maintaining year-round shipping access along the Northern Sea Route, a strategic path for global energy and trade flows. Trump's administration is pushing to transport gas from Alaska's remote north to Asian clients. Trump has pitched Alaska LNG, a proposed $44 billion project to ship liquefied natural gas along a 800-mile pipeline from Alaska, to Asian buyers as a way to reduce their dependence on Russian LNG. Another project, similarly aimed at Asian markets, is Qilak LNG, which is targeting 4 million tons per annum of LNG. Qilak did not immediately respond to a request for comment. An industry source said that Alaska LNG had "no identified needs for Russian icebreakers." Reuters was not immediately able to establish which, if any, specific project would benefit if a deal was reached in the Alaska talks. The nuclear icebreakers could also facilitate the transport of construction materials and equipment to remote areas in Alaska, where infrastructure is limited and weather conditions are harsh.
