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Ikea CEO promises more transparency

STOCKHOLM — Swedish home furnishings giant Ikea is promising increasing transparency after spying and bribery scandals in France and Russia a few years ago, and recent revelations of its complicated tax structure, according to a story by the Financial Times.

Ikea CEO Mikael Ohlsson told the newspaper that the retailer's focus has always been more on showing its products, "but gradually we are describing more what we are doing."

Ikea already has begun revealing long-range expansion plans and upcoming executive changes, including the plan for Ohlsson to step down next year and be replaced by Peter Agnefjall. In addition, the company has begun publishing its financial results, according to the report, and Ohlsson indicated more openness is coming.

"Understanding Ikea in the past has been a little like trying to building one of its pieces of furniture without an instruction manual," the Financial Times said in the story.

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