Peter Betzel named new CEO of Ikea India, replaces Juvencio Maetzu

Betzel was heading the IKEA Group's largest market - Germany

Swedish home furnishings company IKEA on Monday announced the appointment of Peter Betzel as the new Chief Executive Officer for its India business.

He takes over from the outgoing India CEO Juvencio Maeztu, who moves to a global role as the CFO and Deputy CEO, IKEA Group (INGKA Holding B V), it said in a statement.

Betzel, who was heading the IKEA Group's largest market - Germany, will now take the lead for IKEA's expansion into India beginning with the upcoming launch of the first IKEA store in the country in Hyderabad this year, it said.

India is marked as one of IKEA's most important growth markets and the company has committed large investments to India, it said.

Betzel had also earlier served as the Country Manager of IKEA Spain, and is known for his leadership skills and ability to drive growth in diverse markets, the company said.

"In India, apart from the growth-intensive plan, Peter sees diversity and Inclusion as key topics to focus on as the company will grow its workforce from 400 to 15,000 in the coming years," the statement said.

Betzel said: "As I start my new role, I look forward to establishing IKEA as a meaningful, loved and trusted brand.

"I will be working with the local teams to bring in a unique global shopping experience offering good quality and affordable home furnishing products to a diverse set of consumers across the country," he added.