STOCKHOLM - IKEA founder Ingvar Kamprad is stepping down from the board of Inter IKEA Group, which operates the IKEA Concept and controls the IKEA brand. At the same time, his youngest son, Mathias becomes the new chairman of the board of Inter IKEA Holding SA, taking over for Per Ludvigsson who retired.

Inter IKEA Holding SA is the holding company of Inter IKEA Group. Inter IKEA is owned by Interogo Foundation, which is controlled by Kamprad family.

“I see this as a good time for me to leave the board of Inter IKEA Group. By that we are also taking another step in the generation shift that has been ongoing for some years," the 87-year-old Ingvar Kamprad said in the June 5 statement.

"This does however not mean that I will stop working. My passion and engagement for the many people, the IKEA concept, simplicity and cost consciousness is as strong as ever. I will continue share ideas and views. And I will continue to spend time in the stores and in the factories to work with people and help achieve constant improvement. Our journey has just started,” he added.

Prior to Mathias' appointment as chairman he served as director of the board. Kamprad's older sons Jonas and Peter also have board roles within IKEA's group of companies, Inter IKEA and Stiching INGKA.

Of his new role, Mathias said, "It is business as usual with the aim to become a bit better every day. Our main task will always be to ensure a long life for the IKEA Concept by keeping the needs of the many people in mind. As this will require investments in both good and bad times, the group strives to be financially independent."

Founded in 1943 and renowned for its "flat pack" RTA furniture, IKEA operates more than 340 retail stores in 41 countries.