The reasons behind Ritter's decision are of personal nature as the executive said he wants "to dedicate more time to his growing family and prioritize his wife's professional ambitions for years to come". In a statement issued, he added that "in the months that remain, I will ensure that we will continue to make rapid progress in implementing our strategy".

Ritter's contract was scheduled to be in place until November 2023, but Zalando confirmed he would resign at the next annual general meeting, which usually takes place in May. This decision could cost Rubin Ritter as much as 93 million euros (113 million US dollars) in options from a five-year incentive program set up in 2018, according to Bloomberg calculations show.

Zalando's President, Cristina Stenbeck, said that although the Supervisory Board regretted Ritter's decision, she respected his motivation and appreciated the transparency that gave the company enough time to organize the management transition.

About Zalando

Founded in Berlin by Gentz and Schneider in 2008, Zalando has grown rapidly to become Europe's largest online fashion retailer, serving 35 million active customers in 17 countries.

Image credits: www.retailgazette.co.uk