Ingvar Kamprad Hands Over IKEA To His Sons

Via The Swedish Wire:

The three sons of Ingvar Kamprad – Jonas, Mathias och Peter Kamprad – is taking over control of the IKEA furniture empire.

The decision was made in connection with the founder’s 86th birthday, according to tabloid Expressen.

“It was a natural time for the family to more clearly define the three sons’ future roles and responsibilities”, said Ingvar Kamprad’s spokesman Per Heggenes.

IKEA is divided into three separate groups, and the three sons are today running one part each.

“We will continue to focus on our core businesses and with the default values ​​Ingvar has established in his so-called legacy”, Göran Grosskopf, chairman of IKEA’s parent Ingka Holding told Expressen.

Ingvar Kamprad, a boy who began by selling matchsticks from his bicycle, is today ranked Sweden’s richest man.

In 1943, at the age of seventeen, IKEA founder Ingvar Kamprad received a small monetary reward from his father for excelling in his studies.

With this gift, Kamprad formally established IKEA, taking the name from his own initials and the first letters of the farm, Elmtaryd, and the village, Agunnaryd, where he grew up.

Long before social responsibility became the buzzword it is today, IKEA was already holding to the standard.

It now sets the standard in many ways, and this is by no means a cheap investment.

That’s why its harvest is both perpetual and well earned.

It is quite appropriate that the small monetary reward that the boy Kamprad received and then shared through IKEA has returned a momentum of good fortune a millionfold.

IKEA generated more than $33 billion in revenue and nearly $4 billion in net income in 2011.

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