Swedish furniture maker Ikea announced that Peter Betzel will replace Juvencio Maetzu as its new India Chief Executive Officer.
Maetzu will move into a global role as the chief financial officer and deputy CEO of Ikea Group, the company said in a statement.
Before taking over as the new India CEO, Betzel was heading the company’s largest market, Germany. He will now lead Ikea’s India story, starting with the upcoming launch of the first Ikea store in the country in Hyderabad this year.
India has been listed as one of Ikea’s most important growth markets and the company has been working in the country for six years now to lay the foundation before opening its first store.
Apart from the growth-intensive plan, Betzel expects to focus on diversity, inclusion and sustainability as he leads the India operations, which is expected to grow in terms of workforce to 15,000 from 490 over the coming years.
“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,” said Betzel, who’s been with the furniture-maker for 25 years.
While Ikea will open its first store in India only this year, it has been sourcing from the country for over three decades for its global stores. It plans to open stores across several metros in India.
“To materialise our long-term vision for India, Peter is the best person to lead IKEA in India in the next phase as he is known by his visionary leadership, deep understanding of the retail world and his focus on both people and business together,” outgoing India CEO Maetzu said.
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