Ingvar Kamprad, the 87-year-old founder of Ikea here is stepping down from the board of Inter Ikea Holding, and his youngest son Mathias Kamprad will be named chairman, according to reports.

The Financial Times reported that Kamprad has now stepped down from nearly all formal roles with the home furnishings giant. He had remained active on the board since his retirement as CEO in 1986.

Inter Ikea is run separately from Ingka - the parent company of Ikea Group, which is the retail entity. Inter Ikea is the owner of the Ikea brand and all Ikea stores pay it a royalty of 3% of revenue, according to the report. Ingvar Kamprad's middle son Jonas is on the board of Ingka.