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Zalando CEO steps down to 'prioritize' wife's career, to give up $112 million bonus

In a statement, Zalando said Ritter had informed the company Sunday of his decision to step down in 2021, more than two years before his contract ends.

Published: 11th December 2020 07:57 PM  |   Last Updated: 11th December 2020 07:58 PM   |  A+A-

Zalando CEOs

The three CEOs of Zalando, David Schneider, Robert Gentz and Rubin Ritter, from left, ring the bell during the company's initial public offering at the stock market in Frankfurt. (Photo | AP)

By Associated Press

BERLIN: The chief executive of online fashion retailer Zalando is stepping down to focus on his family, saying his wife's career should “take priority” in the coming years.

Rubin Ritter, one of three co-chief executives at Zalando, has been in the job since 2010. Tasked with overseeing strategy and communications, the 38-year-old helped turn the Berlin-based start-up from into one of the world's top online fashion retailers with 14,000 employees and net profit of almost 100 million euros ($121 million) in 2019.

According to a Bloomberg report, this move could cost Ritter as much as 93 million euros ($112 million) in options from a five-year incentive program set up in 2018. 

In a statement, Zalando said Ritter had informed the company Sunday of his decision to step down in 2021, more than two years before his contract ends.

“I feel that it is time to give my life a new direction," Ritter was quoted as saying.

“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.”

The company declined to provide details on Ritter's wife or her profession.

The head of Zalando's supervisory board, Cristina Stenbeck, said the company regretted Ritter's decision but “we have the highest respect for the underlying personal motivation.”

Last month, Ritter published the company's first report on diversity and inclusion, saying these should be seen as “an opportunity rather than a challenge.” The company has been criticized for currently having only men on its five-member management board.



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