Ikea founder steps down

  • The founder of Swedish furniture firm Ikea announced on Wednesday that he is to step down from the board.

    Ingvar Kamprad, 87, set up the flat-pack furniture giant in Sweden 70 years ago.

    His youngest son, Mathias, has been appointed chairman of Inter Ikea Holding SA, the company that owns the brand.

    His son had previously served as director of the board.

    The news comes on the same day that Ikea announced a sharp rise in profits for 2012.

    Inter Ikea Group posted a net profit of $579 million, sharply up from the $113 million the year before.

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