Rubin Ritter will retire as Zalando boss in 2021

Zalando board members David Schneider (r), Robert Gentz ​​(l) and Rubin Ritter

Rubin Ritter leaves the company after eleven years at the helm.

(Photo: dpa)

Berlin The online fashion retailer Zalando will have to do without one of his three co-bosses from the upcoming general meeting. For personal reasons, Rubin Ritter intends to end his board membership at the 2021 Annual General Meeting, as the company announced on Sunday in Berlin.

“My wife and I agree that in the years to come, your job should have priority,” said the manager, according to the announcement. “I want to dedicate myself more to my growing family now. For my own future, I would like more freedom to pursue new interests beyond Zalando. “

According to the head of the supervisory board, Cristina Stenbeck, the supervisory body and Ritter will now work on the early cancellation of his contract, which actually runs until November 2023. The 38-year-old wants to leave the next annual general meeting, but it is not yet clear when this will take place, the company said on request.

Founders Robert Gentz ​​and David Schneider will continue to run the company together after Ritter’s departure, as it was said. All three had acted as equal co-CEOs since 2010. Since then, the company has grown from a start-up to Europe’s leading online platform for fashion and lifestyle with 14,000 employees.

Rubin Ritter only attracted attention in September because the 38-year-old received a total of 600,000 shares at a price of one euro through stock options over the summer of 2020. He soon resold these shares, as the FAZ first reported. He had received a little less than 40 million euros.

Promotion candidate for the Dax

Zalando recently presented very good figures for the third quarter: sales rose by 21.6 percent to 1.8 billion euros. So could Zalando continue to benefit from the increased demand in online retail, even if the local fashion store was open in the third quarter. The pre-tax profit (adjusted EBIT) was 118.2 million euros. This corresponds to a margin of 6.4 percent. For the full year 2020, the company expects a pre-tax profit (EBIT) of between 375 and 425 million.

Now that it is clear that the Dax will be expanded from 30 to 40 companies, Zalando would be one of the first to rise.

More: From Airbus to Zalando: These are the hottest candidates for the Dax 40


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