IKEA APPOINTS PETER BETZEL AS INDIA CEO

NEW DELHI: Swedish furniture maker Ikea’s new India CEO Peter Betzel takes over at a crucial point in the company’s journey in the country. Ikea is set to open its first store in India in Hyderabad in mid-2018, after spending six years understanding the country. Betzel’s appointment was announced on Monday. He will replace Juvencio Maetzu, who moves into a global role as chief financial officer and deputy CEO of Ikea Group. After handling Ikea’s largest market—Germany— Betzel will now take control of what the furniture maker calls one of its “most important growth markets”. On February 23, Ikea India said it plans to invest ₹3,000-4,000 crore in Maharashtra over the next 2-3 years to set up multi-format stores and experience centres.