Ingka Group – Ikea’s largest franchisee – has appointed deputy chief executive officer Juvencio Maeztu as its CEO and president, effective November.

Maeztu succeeds Jesper Brodin, who will remain with the company until February next year. Brodin will serve as senior advisor to the Ikea Foundation, among other roles.

“Over the last eight years, Jesper has led the company through unprecedented times with a remarkable contribution, transforming Ikea into an omnichannel retailer while accelerating efforts and truly integrating sustainability into the business,” said Lars-Johan Jarnheimer, chairman of Ingka Holding BV.

Maeztu has spent the past 25 years with Ikea in various roles, beginning in the early 2000s as store manager in Spain. The company described him as purpose-driven, with entrepreneurial leadership skills and extensive retail and store experience.

“I am deeply grateful for the trust and confidence placed in me,” Maeztu said.

“Working alongside Jesper for the last seven years has been a privilege and I’m the first in line to thank him for his amazing contributions, his courageous leadership and most of all, his friendship.”

Brodin, who has been with Ikea for 30 years and served as CEO for eight, said it was time to move on.

“The decision to take the next step hasn’t been easy,” he said.

“A big heartfelt thank you to the Ikea community – over the years I have had the opportunity to get to know people across the world and develop deep friendships, memories and experiences that will last for a lifetime. For that I’m forever grateful.”