Ikea’s incoming CEO started his career as a store manager—he recalls working at 5 a.m. in the loading area and eating hotdogs with the founder
Key Takeaways
Juvencio Maeztu has climbed Ikea's ranks for decades, just like outgoing CEO Jesper Brodin and Walmart chief Doug McMillon.
Article Overview
Quick insights and key information
6 min read
Estimated completion
personal finance
Article classification
August 14, 2025
03:44 PM
Fortune
Original publisher
Success·IKEAIkea’s incoming CEO started his career as a store manager—he recalls working at 5 a.m. in the loading area and eating hotdogs with the founderBy Emma BurleighBy Emma BurleighReporter, SuccessEmma BurleighReporter, SuccessEmma Burleigh is a reporter at Fortune, covering success, careers, entrepreneurship, and personal finance
Before joining the Success desk, she co-authored Fortune’s CHRO Daily , extensively covering the workplace and the future of jobs
Emma has also written for publications including the Observer and The China ject, publishing long-form stories on culture, entertainment, and geo
She has a joint-master’s degree from New York University in Global Journalism and East Asian Studies.SEE FULL BIO Juvencio Maeztu will step into the top role at retail titan Ikea after working as a store manager across four countries—he’s climbed the ranks for decades, just outgoing CEO Jesper Brodin and Walmart chief Doug McMillon.Mint / Contributor / Getty ImagesJuvencio Maeztu will become Ikea’s new CEO this November after climbing the company’s corporate ladder for 25 years
The current deputy chief and CFO started off as a store manager in Spain in 2001
While Gen Z hopes to make it to the top by job-hopping across companies, Maeztu has ved staying loyal pays off in the long-run
Outgoing Ikea boss Jesper Brodin and Walmart leader Doug McMillon also spent decades of their s working their way up to the top spot
Staying loyal to one company for decades feels a career strategy of the past—but it’s paid off for Ikea’s incoming CEO Juvencio Maeztu, who stuck with the company for 25 years
He started off as a store manager in his early 30s—and has slowly worked his way up to the coveted throne of the global retail titan. “I feel deeply grateful, humble and responsible for the trust and confidence placed in me
Working with [outgoing CEO] Jesper Brodin for the past seven years has been a true privilege,” Maeztu wrote in a recent LinkedIn post. “The future excites me
We have a strong foundation, a direction, and nearly 170,000 amazing colleagues around the world.” This November Maeztu will ascend to Ikea’s helm, joining an exclusive cohort of leaders who stuck it out and scaled the ranks of their es to the CEO spot
And it includes the Ikea CEO he’s replacing, Brodin, who has served 30 years at the company and worked his way up from being his boss’ assistant
Walmart leader Doug McMillon similarly dedicated 30 years of his life rising from a warehouse worker to the most powerful job at the $765 billion
Just Brodin and McMillon, Maeztu’s start at the furniture giant that reeled in $52.6 billion in total sales last year was far from glamorous
However, in those moments on the shop floor, he often got to rub shoulders with the late Ikea founder Ingvar Kamprad. “I have been dozens of times with Ingvar on the shop floor starting at five in the morning in the loading area and finishing at 10 in the evening with a hot dog,” Maeztu told the Financial Times. “The important thing is that we all carry Ingvar’s spirit, and this I feel very loyal to.” After staying committed for a decade, he finally reached the C-suite in 2012—and in just a few short months, he will have summited the company’s corporate hierarchy
Fortune reached out to Ikea for
Maeztu’s career trajectory: climbing the ranks from store manager to CEO From his 25 years of service at Ikea, Maeztu knows the ins-and-outs of the brand that will be essential in helping him lead the retail giant
The 57-year-old Ikea devotee is the first non-Swede to lead the European retail giant—a leadership leap that showcases that Maeztu is the right fit to helm the company
He earned the top spot due to his “purpose-driven, entrepreneurial leadership” and extensive store experience—garnered through decades of leading Ikea’s international locations, the says
Maeztu started off as the manager of the Alcorcon store in Madrid in 2001, also directing the Ikea Sevilla location in 2003
While his salary in the role isn’t widely reported, store managers in Spain generally make around €22,000 to €35,000 ( $25,000 to $40,000) annually, according to an analysis from Glassdoor
Maeztu then transitioned into a more administrative role as the country HR manager for both Spain and Portugal—a position that was close to , as the incoming CEO was raised in the Spanish city of Cádiz
After a brief stint in leading those workforces, he switched back to a managerial position for London’s flagship Wembley store in 2009
Just a few short years later, he would finally break into the C-suite
Maeztu has been shadowing Ikea’s current CEO Jesper Brodin for 7 years In 2012, Maeztu became the CEO of Ikea India, leading the establishment of operations in the country for six years
At this point, he had worked across four countries and two continents, building a name for himself as a diversified leader
Then, the next big break came when he became deputy CEO and CFO of Ikea and its franchisee holding company: Ingka Group
For the past seven years, he’s worked alongside 56-year-old Brodin in navigating the affordable furniture chain through the storms of COVID-19 lockdown and rising international tensions. “We’ve been riding through quite some storms together—pandemic, geopolitical issues, war, etcetera,” Brodin told Reuters. “So in a way I feel ud of the things we have achieved but also super confident that the Ikea house is in good order and we’ll be able to take off for the future with Juvencio.” Maeztu will now become Ingka’s chief executive, leading around 500 Ikea stores across 31 countries—encompassing 80% of the retail brand
To prepare for the position, he’s setting out on a “listening tour” of its large locations around the world, starting off in Asia
His success story is one for the books, and his next feat will be helping turn around the company’s weaker net fit and revenue from last year. “I am fully determined to make Ikea grow and to really be relevant for many millions more consumers around the world,” Maeztu told Reuters.Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world
Explore this year's list.
Related Articles
More insights from FinancialBooklet