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Zalando’s boss waives possible US $ 112M payment for his wife

(Bloomberg) – Rubin Ritter, the CEO of digital fashion retailer Zalando SE, could say goodbye to a payment of more than $ 100 million … for his wife. The 38-year-old executive said he will retire on next year so that his wife can continue her professional career while he takes care of their children. The decision could cost him up to 93 million euros ($ 112 million) in options from a five-year incentive program set in 2018, Bloomberg calculations show, putting a high price on his wife’s career ambitions. The couple are expecting their second child. “I want to spend more time with my growing family,” Ritter said in a statement on Dec. 6. “My wife and I have agreed that in the coming years, her career ambitions should take priority.” Ritter’s wife is a judge – it’s a notorious decision for the Berlin-based company, which has been on the wrong side of the debate on gender equality. Zalando, whose clients are mostly women, has a five-member executive board that is made up exclusively of white men. It was one of the companies named last year by the AllBright Foundation for not committing to including any women on its board of directors. Zalando has since said it will raise the proportion of women at its top five executive levels, including the board of directors. to 40% by 2023. With Ritter’s resignation, there is “a real opportunity for Zalando to prove what he said,” replacing his position with a woman, said Wiebke Ankerse, AllBright managing director. Zalando is not unique in corporate Germany in terms of gender inequality. The country’s gender pay inequality is among the worst in Europe, and the proportion of women in boardrooms is lower than in most industrialized countries, according to AllBright. Only 9.3% of board positions in Germany’s 160 largest companies were held by women last year, he said. Men who sacrifice high-profile careers for their wives are also extremely rare in Germany. In 2007, Franz Muentefering, then German Vice Chancellor in Angela Merkel’s Administration, resigned to care for his wife, who had cancer. Last year, Andreas Utermann of Allianz Global Investor resigned to take care of his three daughters while his wife focused on her business.Original Note: CEO to Forgo Potential $ 112 Million Bonus to Back Wife’s CareerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2020 Bloomberg LP

Zalando’s boss waives possible US $ 112M payment for his wife

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