Two high-end European apparel and accessories web retailers are set to complete their merger this month, but the founder of one of them won’t be along for the next chapter.

Net-A-Porter Group Ltd. founder Natalie Massenet resigned today as executive chairman, ahead of the online fashion and luxury retailer’s planned merger with Yoox Group. She leaves with more than 100 million pounds ($153 million) after selling shares in Net-A-Porter, a person with direct knowledge of the situation told Bloomberg News. 

The merger was announced at the end of March and is expected to be finalized this month. Massenet, 50, was to lead the combined company with Yoox founder Federico Marchetti, who will be its chief executive officer.

Yoox said in the spring that Massenet would stay on as executive chairman of the newly formed Yoox Net-A-Porter Group. And in the summer Massenet indicated in an interview that she was planning to stay on through the transition. Massenet started Net-A-Porter in 2000.

Yoox issued a brief statement confirming Massenet’s departure:  “YOOX S.p.A. announces that, following Natalie Massenet’s tendering of her resignation today as Executive Chairman of The Net-A-Porter Group, Ms. Massenet will not be a member of the Board of Directors of the new Group, which will result from the upcoming merger.”

Yoox and Net-A-Porter did a combined $1.4 billion in web sales in 2014. Yoox is No. 72 in the Internet Retailer 2015 Europe 500 while Net-A-Porter parent company Richemont SA is No. 31.

When the merger was announced, Citigroup Inc. analyst Mauro Baragiola said Massenet could help strengthen the merged company’s ties with the luxury industry. Yet Exane BNP Paribas analyst Luca Solca questioned whether it made sense for her to stay as her responsibilities were to be limited to areas such as editorial content and advertising strategy.