Ingvar Kamprad, the founder of Swedish furniture giant IKEA, is leaving the board of the firm that controls the IKEA brand as part of a gradual shift of responsibilities to his son.
The 87-year-old said on Wednesday that the decision to leave the board of Inter IKEA Group is a step "in the generation shift that has been ongoing for some years." His son Mathias Kamprad will replace 70-year-old Per Ludvigsson as chairman of the board
, according to The Associated Press.
Urgent: Is Obama Telling the Truth on IRS, Benghazi Scandals?
Inter IKEA Group controls the brand, while IKEA Group is the company that owns the majority of IKEA stores.
Kamprad remains senior advisor in the board of the foundation that owns the IKEA Group. He left the management of that company in 1986.
The multi-billionaire, who founded IKEA when he was only 17, said he won't stop working completely but will continue to share his ideas and spend time in IKEA's stores and factories.
"I am happy and proud that Mathias has accepted to become Chairman of the board of Inter IKEA Group after that Per Ludvigsson had decided to retire. Mathias is well prepared for his new assignment," he said in a statement.
Urgent Poll: Is the US Economy Healthy? Is it a Bubble About to Burst Again? Vote Now
Ikea Meatballs Containing Horsemeat Pulled Throughout Europe
Ikea Transgender Ad Upsets Thai Transsexual Community (Video)
© 2014 Newsmax. All rights reserved.