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Rubin Ritter said on Sunday that he will step down from his role as Zalando co-CEO at the next annual general meeting in May 2021.
Having served in one of Europe’s largest e-commerce fashion companies Zalando SE (Xetra: ZAL) since 2010, Rubin Ritter, co-CEO, has announced his early retirement to focus more on his family business.
Ritter said on Sunday that he will step down from his role as Zalando co-CEO during the next annual general meeting in May 2021. Although the company has thrived during the coronavirus pandemic, Ritter indicated his decision was informed through months of diligent planning with his wife.
“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,” he noted through a statement.
Apparently, Ritter’s term was planned to end in November 2023, thus cutting short his service to the company. However, the company will be left under the management of the other two co-chiefs and notably the founders too. Ritter intends to devote more time to his growing family in the coming years. “My wife and I have agreed that for the coming years, her professional ambitions should take priority,” he noted through the statement.
Having served alongside two other CEOs, his leadership skills will be missed, perhaps the reason Zalando shares were down approximately 0.43% at €78.44, at the time of writing.
“It is impossible to overstate Rubin’s impact on Zalando’s success. We will miss him dearly as a strategic thinker and leader,” Gentz said in a statement.
On the other hand, Schneider noted that “Rubin always has been a role model to many in the company. We owe him a lot, as a business partner and friend. I am sure that he will stay closely connected to Zalando.”
Notable Market Impact on Zalando during Co-CEO Rubin Ritter’s Term
Being an e-commerce fashion-focused company, Zalando’s mode of business has experienced a sharp uptick during the coronavirus pandemic. During his term, Ritter has seen the company grow to over 35 million active customers in around 17 markets.
During the third quarter, Zalando recorded a revenue of 1.85 billion euros and upgraded its full-year guidance.
Although the company has been profitable the larger chunk of Ritter’s term, things have not been rosy all through. According to the company’s market data, it only became profitable for the first time in 2014, after recording a streak of losses since inception.
In the past few years, the company has expanded across Europe thus widened its net of revenue collection. In addition, the company has also acquired several other businesses including the fashion trade fair “Bread & Butter” back in 2015.
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