Ikea names new CEO

Stockholm, Sweden Ikea announced Friday it has promoted company veteran Mikael Ohlsson to become its new chief executive.

Ohlsson, currently head of Ikea's South Europe and North America businesses, will replace Anders Dahlvig, who has led the privately owned business for the past 10 years, on Sept. 1.

Ikea employs around 128,000 people and owns 262 stores in 24 countries. Including franchise locations, it has 296 outlets in 36 countries.