Ikea founder's assistant named new CEO

Jon Abrahamsson Ring, a former assistant to furniture giant Ikea's founder Ingvar Kamprad, has been named new chief executive (CEO) of the Inter Ikea Group, the company said Tuesday.

Abrahamsson Ring, 45, will take over the reins on September 1, replacing Torbjorn Loof, 54, who resigned after seven years at the head of the group, it said in a statement. Under Loof's management, the Swedish flat-pack furniture company expanded into 15 new markets and is scheduled to open its first South American store in Chile next year.

His newly appointed successor joined Ikea in 1998 as a trainee and worked for the company in Canada before becoming Ingvar Kamprad's assistant for four years and then holding a senior position in China.

In 2008, Abrahamsson Ring left Ikea to become CEO of the Swedish fashion brand Filippa K and later CEO of the Nordic gardening store chain Plantagen.

The Inter Ikea Group controls the Ikea brand and selects the franchises that sell Ikea items worldwide, in physical stores or online. It also controls the development of new products.