IKEA Restructures Leadership: Previous Head of Spanish Division Ascends to First Non-Swedish CEO Role in the Company's History
In a significant move, Juvencio Maeztu has been appointed as the new CEO of IKEA, effective from November 5, 2025. Maeztu, currently the deputy CEO and CFO of the Ingka Group, will become the first non-Swedish CEO of IKEA, which operates approximately 90% of all IKEA stores worldwide.
Maeztu's appointment does not seem to indicate a new strategy for IKEA. The chairman, Lars-Johan Jarnheimer, stated that the strategy is already set by Ingvar Kamprad, the founder of IKEA, who passed away in 2018 at the age of 91.
Maeztu started his career at IKEA as a store manager in Spain in 2001. He has worked his way up through the ranks, gaining extensive experience in retail operations. Maeztu's leadership in India may indicate a focus on expanding IKEA's presence in emerging markets.
Under Maeztu's leadership, IKEA aims to continue growing globally and increasing its relevance by building on a solid existing strategy, focusing on customer needs, sustainability, and omnichannel retailing. Maeztu has expressed a clear determination to make IKEA relevant to many millions more consumers worldwide, emphasizing purposeful leadership rooted in IKEA’s founding spirit and values.
The key elements of this strategic direction include the continuation and adaptation of IKEA’s omnichannel transformation, expansion into new markets and formats, sustainability and purpose-driven leadership, and strong internal leadership continuity. Maeztu is expected to extend Jesper Brodin’s work on integrating physical stores with online channels to meet changing consumer behaviors. He is also expected to advance plans to better serve customers by leveraging his extensive experience in retail operations.
Jesper Brodin, the current CEO, will continue to work for the company until February 2025 and will then become a senior advisor to the foundation and the owner, the IKEA Foundation. The news of Maeztu's appointment was reported by the "Financial Times".
IKEA's sales dropped by 5% to 42 billion euros and profits dropped sharply to 800 million euros last year, partly due to conscious price cuts after years of rising costs. Despite these challenges, IKEA's transformation from focusing on out-of-town shopping centers to an omnichannel model with city-center stores, delivery and assembly service, and a stronger online offering was emphasized by CEO Brodin.
Maeztu's leadership at IKEA is expected to maintain strategic stability while evolving the global presence and retail model of the company, aiming to secure continued growth and competitive relevance in a rapidly changing retail environment.
[1] Financial Times [2] IKEA Press Release [3] IKEA Annual Report [4] Juvencio Maeztu's Speech at the World Retail Congress 2023
What industry is Juvencio Maeztu moving from as the new CEO of IKEA? - Finance
With his extensive experience in retail operations, is Maeztu expected to focus on expanding IKEA's business in specific markets? - Yes, emerging markets
