Inter Ikea group chief executive Torbjörn Lööf announced on Tuesday he would step down from leading the furniture business after seven years at the helm and more than 30 years with the business.

Head of Ikea franchising Jon Abrahamsson Ring was named as Lööf’s successor and will step up as group deputy chief executive as of 1 March before taking full control on 1 September. 

Under Lööf’s leadership the business has expanded into more than 15 new markets, and launched a new long-term direction to become more affordable, sustainable and accessible to its customers. 

“I have had more than 30 fantastic years with Ikea and the privilege to have many exciting assignments,” Lööf said.

“I will always carry with me the memories from all the wonderful meetings with Ikea colleagues and partners from around the world. It is the people working at Ikea that makes us unique.”

Ring joined the business in 1998, and formerly served as assistant to Ikea founder Ingvar Kampred before coming deputy retail manager for Ikea China. Ring briefly left Ikea to become chief executive of fashion brand Filippa K and later gardening brand Plantagen, before returning to Ikea in 2017.

“Ikea is on a great journey, which is only the beginning, and we will continue to stay true to who we are and what makes us unique: our culture and values, our vision and our business idea,” said Ring. 

“I am humbled by this opportunity, but also very proud and happy.”

Ring told Reuters that he didn’t have any plans to radically change the furniture chain’s direction, with Ikea’s key tenants of affordability, accessibility and sustainability remaining at the top of his agenda. 

However, Ring did note that the new materials, production techniques and distribution methods could be utilised to make the products more affordable.