In a historic leadership shift, Ingka Group, the world’s largest retailer of Ikea products, has appointed Juvencio Maeztu as its next Chief Executive Officer, marking the first time a non-Swede will lead the global furniture giant. Maeztu, currently Deputy CEO and Chief Financial Officer, will officially assume the role on November 5, 2025, as Jesper Brodin steps down after eight years at the helm.
Brodin, who has steered the company since 2017, described the decision to step aside as difficult but timely. “We’ve been riding through quite some storms together, pandemic, geopolitical issues, war, etc. I feel proud of the things we have achieved but also super confident that the Ikea house is in good order and will take off for the future with Juvencio,” he told Reuters. Brodin will remain with the company until February to ensure a smooth transition.
Maeztu, 57, brings over two decades of Ikea experience to the top job. He joined the company in 2001 as store manager in Alcorcón, Madrid, later running the Wembley store in London, before leading Ikea India for six years. Since 2018, he has served as Ingka Group’s CFO and Deputy CEO, helping guide the company through challenging times.
His appointment is also symbolic of Ikea’s evolving identity as a global brand. Born in Cádiz, Spain, Maeztu does not speak Swedish; yet, his rise reflects IKEA’s inclusive culture and its increasingly international leadership.
Maeztu takes over as Ingka Group navigates turbulent global conditions. The retailer faces mounting pressure from U.S. tariffs, wars, and geopolitical uncertainties that threaten supply chains across its 31 markets, including Europe, China, India, and the United States.
Ikea also faces the balancing act of keeping its products affordable while maintaining profitability. Last year, the group reported weaker net profit and revenue, despite implementing aggressive price cuts to remain competitive. Maeztu has acknowledged that tariffs make it harder for Ikea to keep prices low, but he has expressed determination to strengthen the company’s global reach.
“I am fully determined to make Ikea grow and to really be relevant for many millions more consumers around the world,” he said, outlining plans for a global “listening tour” across Ikea’s iconic blue-and-yellow stores, beginning in Asia.
Under Brodin’s leadership, Ingka Group made significant strides in digital transformation and sustainability. The company heavily invested in online shopping platforms, leading to a surge in e-commerce sales. It also pushed ambitious climate targets, reporting a 30.1% reduction in emissions from its 2016 baseline.
Brodin’s tenure is widely seen as one that modernized Ikea while holding true to its minimalist, affordable design ethos.
