Published by Global Banking & Finance Review®
Posted on August 13, 2025
3 min readLast updated: January 22, 2026
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Ingka Group, IKEA's biggest retailer, appoints Juvencio Maeztu as CEO, succeeding Jesper Brodin. Maeztu faces challenges like tariffs and aims to expand IKEA's global reach.
By Helen Reid
LONDON (Reuters) -The world's biggest retailer of IKEA furniture said on Wednesday CEO Jesper Brodin was stepping down after eight years, to be succeeded by Spaniard Juvencio Maeztu, the first non-Swede to lead the group.
Maeztu takes the top job at Ingka Group as the Swedish retailer grapples with U.S. tariffs, wars and geopolitical tensions that risk disrupting its operations spanning 31 countries from Europe to China, India and the United States.
Brodin, CEO since 2017, said his decision to step down was not easy, but that it was the right time to do so. Maeztu is to start in the new role by November 5, with Brodin staying at the company until the end of February to ease the transition.
Deputy CEO and chief financial officer since 2018, Maeztu, 57, started at IKEA in 2001 as manager of the Alcorcon store in Madrid, later managing the Wembley store in London, before a six-year stint as CEO of IKEA India.
"We've been riding through quite some storms together - pandemic, geopolitical issues, war, etcetera," Brodin, 56, told Reuters.
"So in a way I feel proud of the things we have achieved but also super confident that the IKEA house is in good order and we'll be able to take off for the future with Juvencio."
Under Brodin, Ingka Group invested heavily to improve online shopping for IKEA, driving the retailer's online sales up. Ingka also set new emissions reduction targets and reported in January that emissions fell by 30.1% from its 2016 baseline.
Brodin said the appointment of Maeztu, who grew up in Cadiz and does not speak Swedish, shows IKEA's global culture works.
The incoming CEO is setting off on a "listening tour" of its big blue stores around the world, starting in Asia, as he builds his strategy to grow the company which last year reported weaker net profit and revenue after slashing prices.
"I am fully determined to make IKEA grow and to really be relevant for many millions more consumers around the world," Maeztu told Reuters. He has said tariffs make it harder for IKEA to keep prices low.
Privately-held Ingka Group will report sales figures in mid-October for its financial year ending August 31. As the biggest franchisee, Ingka sells IKEA products manufactured by brand owner and franchiser Inter IKEA.
(Reporting by Helen Reid; Editing by Emelia Sithole-Matarise)
Corporate governance refers to the systems and processes that direct and control a company. It encompasses the mechanisms through which companies, and their stakeholders, are held accountable.
Sustainability in business refers to operating in a manner that meets present needs without compromising the ability of future generations to meet their own needs, often focusing on environmental, social, and economic impacts.
Retail trade involves the sale of goods or services directly to consumers. It is the final step in the distribution process, where products are sold in small quantities.
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