Word: kamprad
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...with her banker husband and their five young children, and she has no involvement with day-to-day operations. Karl and Theo Albrecht, the secretive German brothers who rank as the richest people in Europe, are withdrawing from the management of their firm, discount retailer Aldi. Sweden's Ingvar Kamprad, who created the IKEA furniture chain, has retired to a Swiss lakeside resort, leaving ownership of his empire to a foundation--and keeping everyone guessing whether any of his three sons will take over the business...
IKEA is run by missionaries who were charged up by Ingvar Kamprad, 61, a Swede who started the company when he was only 17. He synthesized the name IKEA from his initials and those of Elmtaryd, his family's farm, and Agunnaryd, the community where he grew up and where he began the business some 40 years ago by selling ball-point pens through the mail. IKEA's management is still youthful, light on titles and neckties and thoroughly gung ho. The spirit is whipped up in seminars for employees on "the IKEA way." One thing stressed in the sessions...