2 Min Read
STOCKHOLM, Oct 18 (Reuters) - Mathias Kamprad, youngest son of Ikea founder Ingvar Kamprad, has stepped down as chairman of Inter IKEA's holding company in a recent reshuffle of some of the business entities that make up the Swedish home furnishings company.
In May, brand owner and franchiser Inter IKEA, in connection with a spin-off of its investment operations, created a new holding firm chaired by IKEA veteran Anders Dahlvig, replacing the existing holding firm, which was chaired by Mathias for the last three years.
Mathias is now a board member of the new holding firm, Inter IKEA Holding.
IKEA confirmed the move, which was initially reported by Swedish daily Dagens Industri on Monday.
"Mathias has said he fully supports the appointments," Inter IKEA spokeswoman Josefin Thorell said in an email on Tuesday.
"He is pleased Anders Dahlvig and Hans Gydell, who both have solid IKEA experience, have accepted the roles as chairman for respective group."
Gydell is the chairman of a new separate holding firm for the spun-off investment operations.
Ingvar, 90, who resigned as CEO in 1986, gave up formal power over IKEA as late as 2013 when he resigned from and renounced the right to appoint members to the supervisory council of the Interogo Foundation which owns Inter IKEA.
Many had expected his three sons to continue his firm grip on the company but they no longer have operational roles at IKEA, and the Kamprad family is in a minority on the boards of the foundations that control Inter IKEA and IKEA group.
IKEA Group owns most IKEA stores worldwide.
Middle brother Jonas is on the board of IKEA Group, while eldest brother Peter chairs the independent, family-owned Ikano Group, a mainly financial services group.
In August, Inter IKEA bought range, supply and production subsidiaries from IKEA Group in a deal that has left Inter IKEA with even tighter control over strategy, and IKEA Group more streamlined on the retail business.
Reporting by Anna Ringstrom; editing by Susan Thomas