Ingka Group Deputy CEO Juvencio Maeztu has been named to the company’s top post as current CEO Jesper Brodin plans to step down after eight years at the helm. Ingka Group is the largest operator of Ikea stores globally, accounting for 90% of the company’s retail sales.
Both Brodin and Maeztu are long-time Ikea employees. Maeztu has spent 25 years with the company, starting in the early 2000s as a store manager in Spain, while Brodin’s departure will end a 30-year tenure with the company.
“Now is the right time to move on and I’m excited for Juvencio to take over — his deep commitment to business, people and planet inspires me as we find ourselves in the most important decade of humanity,” said Brodin in a statement. “I know he will lead with purpose at heart.”
Maeztu will start the new role by Nov. 5. Brodin will stay on with the company until the end of February 2026, and continue contributing as a senior advisor to the Ikea Foundation thereafter.
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“Under Jesper’s leadership, IKEA has expanded into new markets and cities with a variety of formats — meeting the changing needs of our customers,” said Lars-Johan Jarnheimer, Chairman of Ingka Holding B.V. in a statement. “Even if it’s sad to see Jesper leave after 30 years, we have a solid strategy and plan for the coming years and I’m excited about what the future brings. Juvencio has extensive experience of Ikea and the retail business, and I know he is a great fit for the job ahead.”
“I’m thrilled and excited about what lies ahead for Ikea,” said Maeztu in a statement. “The depth of our vision and our commitment to affordability and the low price is more than our business idea — it’s our responsibility. We have the opportunity to amplify the essence of Ikea and play an even bigger role around life at home in the world.”
Among the many strategic moves Ikea has made in the last year are:
- A new shop-in-shop partnership with Best Buy;
- A growing slate of small-format stores;
- The debut of a revamped loyalty program;
- Cutting the price of meals in its restaurant by 50% to help mitigate cost-of-living pressures for its customers; and
- Launching a line of brand-agnostic home tech devices.
