The chief executive of Sweden-based retailer ICA is to step down from the role next summer after 11 years in the job.

Kenneth Bengtsson said he wanted to “embark on the next chapter of my life” as he announced his decision to leave a business for which he has worked for over 30 years.

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Bengtsson, who plans to depart next June, said today (27 April): “I will communicate more at a later stage about what that next chapter will be, but in the meantime I will remain focused on my responsibilities as CEO of ICA until June 2012. I have had many great years with this fantastic company and the time feels right for me to move on and help the ICA Board ensure a smooth transition to a new leadership.”

ICA, in which Dutch retail giant Ahold owns a 60% stake, said it will begin an “external recruitment process in Sweden and internationally” for Bengtsson’s successor.

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