IKEA, the Swedish home furnishings company, has announced the appointment of Peter Betzel as the new Chief Executive Officer (CEO) for its India business.
Betzel, an experienced IKEA leader, takes over from the outgoing India CEO Juvencio Maeztu, who moves into a global role as the CFO and Deputy CEO, IKEA Group (INGKA Holding B.V).
Betzel, who prior to India was heading the IKEA Group’s largest market Germany, will take the lead for IKEA’s expansion into India beginning with the upcoming launch of the first IKEA store in the country in Hyderabad in 2018. Prior to leading Germany, Betzel was the Country Manager of IKEA Spain. Betzel is known for his leadership skills and ability to drive growth in diverse markets. He has also been a champion of sustainability and one of his many achievements is delivery of one of the most sustainable IKEA stores in the world, at Kaarst Germany. In India, apart from the growth- intensive plan, Betzel sees diversity and inclusion as key topics to focus on as the company will grow its workforce from 400 to 15,000 the coming years.
Maeztu, said, “Over the last six years, we have set up a strong foundation for IKEA’s presence in India. We are now ready and excited to open our doors to enable Indians create a better everyday life at home for themselves. 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.”
Betzel said, "India is a vibrant, multi-cultural, multi-faceted and a really exciting market for IKEA. From what I observed in the little time that I have spent here – people here are warm, hospitable and ready to experiment with their home and surroundings. They want to have a good lifestyle and that is evident with the passion they display in the way they work and live. 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.”
During his 25 years with IKEA, Betzel has had extensive store management experience, which he believes is the best platform to understand the core values of the business. He has in-depth experience in driving business growth in different markets and has ambitious plans to lead the India story to success. Both people and business growth are high on Betzel's agenda, as he takes on the challenge of expanding and leading IKEA's business in India. Betzel lives with his family in Bangalore, India.