Zalando co-CEO Rubin Ritter is to step down from the role next year after 11 years with the firm.
Ritter has led Zalando alongside Robert Gentz and David Schneider since 2010, during which time, the German fashion e-tailer has grown from a startup to Europe’s leading online platform for fashion and lifestyle, on its way to achieve more than EUR10bn (US$12.1bn) Gross Merchandise Volume (GMV) in 2020.
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Gentz and Schneider will continue to lead Zalando as co-CEOs after Ritter’s departure, which will come at the company’s next AGM in 2021.
“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. I want to devote more time to my growing family. My wife and I have agreed that for the coming years, her professional ambitions should take priority. And regarding my own future, I am eager to allow myself time to explore new interests beyond Zalando,” Ritter said.
“I will be transitioning out of my role at a time where the company continues to accelerate and remains uniquely positioned for future success. Zalando’s role in the European digital economy will further grow, and in my remaining months I will ensure that we continue to rapidly advance the execution of our strategy.”
The supervisory board will work with Ritter to dissolve his contract, which as of today runs until November 2023.
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By GlobalDataZalando swung to a profit in the third quarter and said last month it is much better prepared than earlier in the year to deal with the Covid-19 crisis.
The Berlin-based firm reported net income of EUR58.5m for the period, compared to a loss of EUR13.6m a year prior. Gross Merchandise Volume (GMV) grew by 29.9% to $2.5bn, while revenue was up by 21.6% to EUR1.9bn from EUR1.5bn last year.
