Ikea founder Ingvar Kamprad steps down at 88

Ingvar Kamprad has stepped down from all formal roles at Ikea, leaving the Swedish furniture empire without its founder in a board position for the first time since he started it in 1943.

In December Mr Kamprad left the boards of the two foundations that own the various parts of Ikea, according to the company, but remains an informal senior adviser to the board of the Ikea Group.

The move by Mr Kamprad, one of Europe’s most significant postwar entrepreneurs and richest men, completes a decade-long process of relinquishing power at the privately held retailer and in part transferring responsibility to his three sons.

The move leaves the Ikea empire with no clear figurehead and has caused some former executives and analysts to question how the complicated structure that Mr Kamprad put in place to help lower tax and protect the retailer from a takeover or potential disputes among his heirs will work.

One former senior Ikea executive said: “There have always been questions internally about how this complex beast would function once Ingvar steps down. I guess we will find out now.” –(Copyright The Financial Times Ltd 2014)