Ikea Group's new CEO Jesper Brodin.
Ikea Group's new CEO Jesper Brodin.

LEIDIN, The Netherlands - Company veteran Jesper Brodin will lead the Swedish furniture giant starting in September, when he takes over as president and CEO. Brodin will replace Peter Agnejfall, who will leave the company.

Brodin is currently the managing director of Ikea Sweden – responsible for supply chain and production development.

In a release, Ikea Group Chairman Lars-Johan Jarnheimer said Brodin’s “extensive experience and passion for life at home and retailing will enable him to successfully continue the remarkable work conducted by Perter Agnefjall.”

“Under Peter’s leadership, Ikea Group has expanded into new and crucial markets, accelerated our retail transformations in order to meet the changing needs of customers and taken our sustainability commitments further,” he said. “I look forward to working with Jesper as we take our next steps in becoming the world’s leading multichannel home furnishings retailers for the many people.”

Agnefjall, who became CEO just four years ago, said that after 22 years at Ikea, would take some time off with his family before embarking on “my next great journey.”

Agnefjall said he plans to take time off with his family before embarking on “my next journey.”

"While I am sad to see Peter leave after many years of service, I respect his decision," Jarnheimer said.

Estimated sales for Ikea Group, which now owns 43 stores in the U.S., were $38.3 billion in its fiscal year through August 2016. Ikea is targeting sales of 50 billion euros ($56 billion) in 2020.