Betzel takes over from Juvencio Maeztu, who moves into a global role as CFO and Deputy CEO of IKEA Group INGKA Holding BV.
Swedish home furnishings major IKEA today said it has appointed Peter Betzel as the new CEO for its India business.
Betzel takes over from Juvencio Maeztu, who moves into a global role as CFO and Deputy CEO of IKEA Group INGKA Holding BV, the company said in a statement.
Prior to the current appointment, Betzel was heading the IKEA group's largest market Germany and will now take the lead for IKEA's expansion into India beginning with the upcoming launch of the company's first store in Hyderabad in 2018.
"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," outgoing CEO Maeztu said.
Betzel, who is with IKEA since 25 years, has extensive store management experience besides an in-depth experience in driving business growth in different markets and ambitious plans to lead the India story to success, the company said."I will be working with the local teams to bring in unique global shopping experience offering good quality and affordable home furnishing products to a diverse set of consumers across the country," he said.