The CEO of Europe's biggest fashion site is stepping down so he can prioritize his wife's career

• The co-CEO of German online fashion giant Zalando, which has a $23 billion market value, is stepping down so he can focus on his wife's career, the company announced Sunday.
• Rubin Ritter has shared the top role with two other directors since 2010, and is leaving Zalando more than two years before his contract is due to end.
• "My wife and I have agreed that for the coming years, her professional ambitions should take priority," Ritter said.
• One of his two co-CEOs described Ritter as "a role model to many in the company."

The co-CEO of Europe's largest fashion site, Zalando, is stepping down to spend more time with his family and focus on his wife's career, the Berlin-based online fast fashion giant announced in a statement Sunday.

Rubin Ritter had shared the top role with two other directors since 2010. They will both stay on.

Ritter oversees strategy and communications at the company, which is valued at more than $23 billion.

He will step down at the next annual general meeting in May 2021. His current contract is due to expire on November 2023.

"I want to devote more time to my growing family," Zalando said in a statement.

"My wife and I have agreed that for the coming years, her professional ambitions should take priority."

The statement did not give more details about his wife or her career. The company declined to name Ritter's wife or give her occupation to the BBC. Business Insider has reached out to Zalando for comment.

Ritter added that he wants to explore new interests beyond Zalando, but described his time working there as "a gift and a privilege."

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The company has grown massively from its launch in 2008 to become Europe's largest online fashion store.

It now has around 14,000 employees, sells in 17 countries, and brought in 1.85 billion euros ($2.24 billion) in revenue in the third quarter of 2020, after demand for e-commerce boomed during the pandemic.

Cristina Stenbeck, chairperson of Zalando's supervisory board, described 2020 as "arguably the most extraordinary year of Zalando's history," and thanked Ritter and the broader leadership team for helping achieve this.

The board has "the highest respect for the underlying personal motivation" behind his decision to leave, she said, and it appreciates his transparency and openness.

"We are looking forward to continuing to work closely with Rubin over the coming months, and we hope that he will remain close to Zalando for the long-term," she said.

"Rubin always has been a role model to many in the company," co-CEO David Schneider added.