Ikea founder Ingvar Kamprad just stepped down as chairman of the billion-dollar furniture company, handing the reigns to his son, Mathias Kamprad. The retailer’s transition between generations has been in the works for years. The elder Kamprad will still have a say in how the business is run, but he will no longer sit on the board – and though he may be retiring from the company, he has no plans to stop working.
Ingvar Kamprad started out by selling matches door-to-door at the age of five, and he founded Ikea in 1943. Now 87 years old, Kamprad is ranked as the fifth richest man in the world, with an estimated net-worth of over $52 billion. He will continue to sit on the board of the Interogo Foundation, the parent company for the Ikea Group. Kamprad has three sons and an adopted daughter, and Mathias is the youngest of the sons. All three sons are involved in the family business. Ikea reported a net profit of $579 million for 2012.