Juvencio Maeztu Steps Up: IKEA's First Non-Swedish CEO

Jesper Brodin, the CEO of IKEA's parent company Ingka Group, is set to step down after eight transformative years. The Swedish retailer announced that Spaniard Juvencio Maeztu will take over as CEO, marking the first time a non-Swede will helm the group. Brodin expressed that while leaving was a tough decision, the timing felt right.

Maeztu, who has been with IKEA since 2001, faces significant challenges as the global retailer deals with U.S. tariffs and geopolitical tensions that could impact operations in its 31-country network. Despite these hurdles, Maeztu is optimistic about leading IKEA into the future, following the foundation Brodin built, including advancements in online sales and emission reductions.

The incoming CEO is embarking on an international tour of IKEA's stores to develop a strategy for growth, starting in Asia. His goal is to expand IKEA's relevance globally, aiming to connect with millions more consumers, even amid price pressures from tariffs. Ingka Group is set to release its financial outcomes for the year in mid-October.

(With inputs from agencies.)