Fashion retailer Zalando's co-CEO Rubin Ritter steps down to prioritize wife's career

The CEO of online fashion retail brand Zalando December 7 announced that he was stepping down to give time to his family and priority to his wife’s career in the years ahead. One of the three co-chief executives, Rubin Ritter, had held the position in the firm that oversees strategy and communications since 2010. However, the 38-year-old informed in an official statement that he will retire from his Berlin-based company that had made 100 million euros ($121 million) worth net profit in 2019.

"I feel that it is time to give my life a new direction," said the Zalando CEO. "I want to devote more time to my growing family," he added. "My wife and I have agreed that for the coming years, her professional ambitions should take priority," Ritter added.

Meanwhile, the head of Zalando's supervisory board, Cristina Stenbeck, told Associated Press that the firm had the "highest respect for the underlying personal motivation" but it regretted Ritter’s decision. The fashion retail brand, however, hadn’t revealed the details about Ritter's wife and her profession. Ritter said in a statement that he would resign at the next AGM in 2021. Stenbeck announced that the Supervisory Board will work together with Ritter to dissolve his contract, which runs until November 2023.

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11 'amazing' years of career

"My decision is the result of many months of careful consideration. After more than 11 amazing years where Zalando has been my priority, I feel that it is time to give my life a new direction," Ritter stressed. He added, that he plans to devote more time to his growing family and explore life and new interests beyond Zalando. "Being a part of the Zalando team is a gift and a privilege," Ritter said.

The co-CEO was stepping down at a time when the company had uniquely positioned for future success, establishing a unique role in the European digital economy for further growth. "During the nine years I have known Rubin, I have seen first hand the kind of commitment, strategic clarity, and decisive leadership that Rubin has brought to Zalando," Chairperson of the Supervisory Board, Stenbeck said. "We look to end arguably the most extraordinary year of Zalando’s history, we can only be immensely grateful to Rubin," she added. 

(Image Credits: AP)

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