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Founder of Swedish furniture giant Ikea passes torch to 3 sons

Published on Sep 17, 2012 5:13 PM
A file picture shows Sweden's Ingvar Kamprad, founder of furniture retail chain IKEA during a news conference in Lausanne, March 20, 2006. -- PHOTO: REUTERS

STOCKHOLM (AFP) - The founder of Swedish furniture giant Ikea, 86-year-old Ingvar Kamprad, has formally handed over the running of the business to his three sons, a company official told Swedish daily Expressen on Monday.

"Ingvar will no longer be there to give his point of view, give advice or support," said Mr Goeran Grosskopf, chairman of Ingka Holding, the Dutch parent company that comprises all of the family-owned Ikea businesses.

The announcement of Mr Kamprad's withdrawal from the business was initially made, according to Expressen, in an interview with Mr Kamprad's three sons Peter, Jonas and Mathias Kamprad in an internal Ikea newsletter.

The sons have maintained a low profile over the years as they slowly moved up through the company, and have rarely spoken out in the media.

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