Ingka Group, the privately held company that operates nearly all IKEA stores worldwide, has appointed Juvencio Maeztu as its next chief executive officer, marking the first time a non-Swede will lead the flat-pack furniture giant.

Maeztu, currently deputy chief executive officer and chief financial officer, will succeed Jesper Brodin on 5 November. The Spaniard joined IKEA in 2001 as manager of the Alcorcón branch near Madrid and later oversaw the Wembley store in London before leading IKEA's entry into India. “I feel butterflies, but also humble, thankful and excited,” he told the Financial Times.

Ingka chair Lars-Johan Jarnheimer said the board’s priority remains affordability. “IKEA needs to continue addressing its biggest challenge of further reducing our prices,” he said. The company last year cut prices after supply-chain disruptions had forced increases, contributing to a 5 per cent drop in revenue to €42 billion and a near-halving of net profit to €800 million.

IKEA, who has spent three decades at IKEA and led the group since 2017, said stepping down now “was not easy, but … it was the right time to do so”. Under his tenure Ingka pushed aggressively into online retailing, lifting e-commerce sales and using its vast out-of-town warehouses to fulfil digital orders. Emissions across the business have fallen 30.1 per cent from the 2016 baseline, according to company data.

Maeztu plans to begin his tenure with a global “listening tour” of the chain’s signature blue-and-yellow stores, starting in Asia, to refine strategy and “really be relevant for many millions more consumers around the world”. In a company statement he added: “The depth of our vision and our commitment to affordability and the low price is more than our business idea – it’s our responsibility to the many people”

Brodin will remain with IKEA until February to help with the transition before becoming a senior adviser to the IKEA Foundation. A keen musician who recently released a debut album, he said he intends to focus on “business and sustainability transformation” in future roles.

IKEA operates in 31 markets and represents about 90 per cent of global IKEA retail sales, giving Maeztu significant influence over the chain’s push into city-centre stores, home delivery and assembly services, and its efforts to shield pricing from geopolitical and tariff pressures.

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