Latest news with #JuvencioMaeztu
Yahoo
4 days ago
- Business
- Yahoo
Ikea's incoming CEO started his career as a store manager—he recalls working at 5 a.m. in the loading area and eating hotdogs with the founder
Juvencio Maeztu will become Ikea's new CEO this November after climbing the company's corporate ladder for 25 years. The current deputy chief and CFO started off as a store manager in Spain in 2001. While Gen Z hopes to make it to the top by job-hopping across companies, Maeztu has proved staying loyal pays off in the long-run. Outgoing Ikea boss Jesper Brodin and Walmart leader Doug McMillon also spent decades of their lives working their way up to the top spot. Staying loyal to one company for decades feels like a career strategy of the past—but it's paid off for Ikea's incoming CEO Juvencio Maeztu, who stuck with the company for 25 years. He started off as a store manager in his early 30s—and has slowly worked his way up to the coveted throne of the global retail titan. 'I feel deeply grateful, humble and responsible for the trust and confidence placed in me. Working with [outgoing CEO] Jesper Brodin for the past seven years has been a true privilege,' Maeztu wrote in a recent LinkedIn post. 'The future excites me. We have a strong foundation, a clear direction, and nearly 170,000 amazing colleagues around the world.' This November Maeztu will ascend to Ikea's helm, joining an exclusive cohort of leaders who stuck it out and scaled the ranks of their businesses to the CEO spot. And it includes the Ikea CEO he's replacing, Brodin, who has served 30 years at the company and worked his way up from being his boss' assistant. Walmart leader Doug McMillon similarly dedicated 30 years of his life rising from a warehouse worker to the most powerful job at the $765 billion business. Just like Brodin and McMillon, Maeztu's start at the furniture giant that reeled in $52.6 billion in total sales last year was far from glamorous. However, in those moments on the shop floor, he often got to rub shoulders with the late Ikea founder Ingvar Kamprad. 'I have been dozens of times with Ingvar on the shop floor starting at five in the morning in the loading area and finishing at 10 in the evening with a hot dog,' Maeztu told the Financial Times. 'The important thing is that we all carry Ingvar's spirit, and this I feel very loyal to.' After staying committed for a decade, he finally reached the C-suite in 2012—and in just a few short months, he will have summited the company's corporate hierarchy. Fortune reached out to Ikea for comment. Maeztu's career trajectory: climbing the ranks from store manager to CEO From his 25 years of service at Ikea, Maeztu knows the ins-and-outs of the brand that will be essential in helping him lead the retail giant. The 57-year-old Ikea devotee is the first non-Swede to lead the European retail giant—a leadership leap that showcases that Maeztu is the right fit to helm the company. He earned the top spot due to his 'purpose-driven, entrepreneurial leadership' and extensive store experience—garnered through decades of leading Ikea's international locations, the business says. Maeztu started off as the manager of the Alcorcon store in Madrid in 2001, also directing the Ikea Sevilla location in 2003. While his salary in the role isn't widely reported, store managers in Spain generally make around €22,000 to €35,000 (about $25,000 to $40,000) annually, according to an analysis from Glassdoor. Maeztu then transitioned into a more administrative role as the country HR manager for both Spain and Portugal—a position that was close to home, as the incoming CEO was raised in the Spanish city of Cádiz. After a brief stint in leading those workforces, he switched back to a managerial position for London's flagship Wembley store in 2009. Just a few short years later, he would finally break into the C-suite. Maeztu has been shadowing Ikea's current CEO Jesper Brodin for 7 years In 2012, Maeztu became the CEO of Ikea India, leading the establishment of operations in the country for six years. At this point, he had worked across four countries and two continents, building a name for himself as a diversified leader. Then, the next big break came when he became deputy CEO and CFO of Ikea and its franchisee holding company: Ingka Group. For the past seven years, he's worked alongside 56-year-old Brodin in navigating the affordable furniture chain through the storms of COVID-19 lockdown and rising international tensions. 'We've been riding through quite some storms together—pandemic, geopolitical issues, war, etcetera,' Brodin 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.' Maeztu will now become Ingka's chief executive, leading around 500 Ikea stores across 31 countries—encompassing about 80% of the retail brand. To prepare for the position, he's setting out on a 'listening tour' of its large locations around the world, starting off in Asia. His success story is one for the books, and his next feat will be helping turn around the company's weaker net profit and revenue from last year. 'I am fully determined to make Ikea grow and to really be relevant for many millions more consumers around the world,' Maeztu told Reuters. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
6 days ago
- Business
- Fast Company
Ikea retailer Ingka Group announces first non-Swede CEO
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
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
IKEA Store Owner Appoints First Non-Swedish CEO
STOCKHOLM—Ingka Group, which owns most IKEA stores globally, promoted Juvencio Maeztu to the top job as its first non-Swedish chief executive. The Spanish national is currently the flat-pack furniture giant's deputy chief executive, having risen through the ranks at the company over the last 25 years.
Irish Times
6 days ago
- Business
- Irish Times
Ikea appoints former store manager as first non-Swedish boss
Ikea has appointed the first non-Swedish chief executive of the most important company in its flat-pack furniture empire. Juvencio Maeztu, a Spaniard who is deputy chief executive and chief financial officer of Ingka, will take over as boss of the group running nearly all Ikea stores from Jesper Brodin on November 5th. Mr Brodin has led the world's largest furniture retailer for the past eight years through a particularly turbulent time, including the death of founder Ingvar Kamprad, a big business transformation including a push into city centres and online sales, and the Covid-19 and supply chain crises. 'I feel butterflies, but also humble, thankful and excited,' said Mr Maeztu, who started as a store manager for Ikea in Spain in 2001 and ran the Wembley store in London and the retailer's business in India. READ MORE 'Ikea is always based on self-renewal – making things every day a bit better. I still see many opportunities to make Ikea more relevant and keep growing all around the world,' he told the Financial Times. Ikea is moving away from only having big edge-of-town warehouses where customers must collect flat-packs and build furniture themselves by offering services such as delivery and assembly as well as opening city-centre stores in locations including London, Paris and Copenhagen. Mr Brodin said on Wednesday that Ikea's transformation was 'late due to our own success' but it was now a full 'omnichannel' retailer serving customers both in stores and online, as well as using its vast warehouses to fulfil online orders. Ingka, which operates 88 per cent of all Ikea stores, last year suffered a 5 per cent drop in revenues to €42 billion and a near-halving of net profit to €800 million as it prioritised price cuts after several years of increases because of supply chain issues. Lars-Johan Jarnheimer, Ingka's chairman, said Ikea needed to continue addressing its biggest challenge of 'further reducing our prices'. He added: 'When there is a CEO change in a listed company, it comes very often with a strategy change. It's not the case in Ikea where the strategy is already set by Ingvar [Kamprad].' Mr Maeztu is only the second Ikea chief executive not to have been an assistant to Kamprad, who died in 2018 aged 91 having started the group as a teenager in rural Småland in Sweden. 'I have been dozens of times with Ingvar on the shop floor starting at five in the morning in the loading area and finishing at 10 in the evening with a hot dog. The important thing is that we all carry Ingvar's spirit, and this I feel very loyal to,' said Mr Maeztu. Mr Brodin will work for Ikea until February when he will become a senior adviser to its charity and owner, the Ikea Foundation. A keen musician who recently released his debut album, Mr Brodin said he would seek to work with 'business and sustainability transformation as long as I can walk and talk'. – Copyright The Financial Times Limited 2025
Yahoo
6 days ago
- Business
- Yahoo
Biggest IKEA retailer names veteran Juvencio Maeztu CEO as Brodin steps down
By Helen Reid LONDON (Reuters) -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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
