IKEA Founder Stepping Down

Ingvar Kamprad, 87, founded the company in 1943

The elderly boss of furniture chain IKEA, which he founded in 1943, is to step down from the company that controls the household brand.

Ingvar Kamprad, 87, will leave Sweden's Inter IKEA Group is part of a "generational shift " that has been prepared for some years, the company said in a statement.

Inter IKEA Group controls the brand, while IKEA Group is the company that owns the majority of IKEA stores.

Mr Kamprad's son Mathias Kamprad, who is in his 40s, will replace 70-year-old Per Ludvigsson as chairman of the board.