Juvencio Maeztu (IESE MBA ‘94) spent 25 years at IKEA before becoming CEO and President of Ingka Group in November 2025 – the first non-Swede to hold this role. In this edited interview with IESE Dean Franz Heukamp, he talks about leading the iconic company.

Franz Heukamp: You’ve been with IKEA for 25 years. Stepping into the CEO role, how does your perspective change?

Juvencio Maeztu: I’ve been part of the history, but I feel certain things cannot keep going in exactly the same way. Especially when leading such a big company, there’s a risk of becoming more bureaucratic, more complacent, of viewing reality through executive committee PowerPoints. I need to be a bit more of a rebel now.

So, over the past few months, I’ve been traveling around the world to be with people on the shop floor, to be with customers, to be with competitors, to be as far away as possible from PowerPoints and meeting rooms. This has not only helped me define exactly what is needed, but also humbled me and strengthened my determination to do many new things, anchored in our core beliefs and values. I live in this constant state of humbleness and willpower to deliver.

FH: Affordability has always been a hallmark of IKEA. Becoming even more affordable has become even more of a priority. Why?

JM: The IKEA vision is “to create a better everyday life for the many people,” and that gets executed through the business idea of offering affordable home furnishings for a better life at home. A better life at home isn’t possible if it’s not affordable and sustainable – that’s in our DNA.

Growth, for us, has to come through volume. It is less about the money than it is about achieving this business idea. And when you really understand the depth of people’s needs, then affordability is not a commitment but a mission and the means of achieving the business idea.

Affordability goes hand-in-hand with sustainability. Over the past year, we’ve grown by 24% but reduced by 30% our CO2 in Scopes 1, 2 and 3. Why is this important? Because it’s how we make sustainability affordable. The day that affordability becomes a luxury for the few is the day when we won’t decarbonize our world and we stop being accessible to the many.

FH: How hard is it to reduce carbon emissions while still growing?

JM: We try to optimise both decarbonisation and financial returns. But the world is pushing costs up, while our beliefs are to keep prices low, which creates thin margins. We have to double down on creating competitive advantage. I know some companies are being more prudent, backing off sustainability and affordability, but I am convinced this is precisely when competitive advantage becomes decisive.

FH: How do you balance preserving IKEA’s unique culture without becoming resistant to change?

JM: I’m not Swedish and I’m the first person to lead the company without the founder still with us. I’ve been reflecting a lot on how I can be a custodian of IKEA’s culture and values – and also amplify them. I feel this responsibility. That’s why I’ve been going through the company archives, recovering fantastic, simple, down-to-earth booklets, which have inspired me greatly. It’s about finding the essence of IKEA and amplifying that essence in a new world. I am also determined to stay true to the basic principle of simplicity. I think companies become too complex, whereas simplicity is about renewal and improving.

FH: If you were asked why IKEA matters in the world today, what would you say?

JM: I strongly believe that companies are instruments for a better society. You need to be profitable, because profit provides the resources to keep investing in the future, but the goal cannot be just to maximise profit – it has to be to maximise impact on society and people. For IKEA, performance comprises four dimensions: It’s better homes for customers, the commercial part. It’s a better life for people, the social part. It’s a better planet for all, the climate part. And it’s a better company, the long-term financial part. When you combine these four, you have a mission to contribute to a better society. And the world needs more of that.