09.10.2013

Ritchie Bros CEO to step down

The used equipment auctioneer Ritchie Bros has announced that its chief executive Peter Blake will step down at the company’s next Annual General Meeting in May.

In the interim he will remain and continue to lead the company while looking for his replacement. Blake joined Ritchie Bros in 1991 and has been chief executive since 2004.
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Peter Blake

"I am proud of how Ritchie Bros has evolved in the last decade, and of the accomplishments that our people have made in growing the company's services to customers and value for shareholders," said Blake.

"Together, we have established a strong platform for growth and are poised to go to the next level. In thinking about the company's next step, and my own professional future, I have decided that the time is right for a new CEO to lead the company into the exciting next phase that is ahead. I see a great future for this company, and I look forward to driving our growth and customer experience initiatives during the months ahead, and working with the Board to find the right new leader with fresh energy and perspective to take the company forward."

Chairman Robert Murdoch added: "Peter has been an outstanding leader of Ritchie Bros. During his tenure shareholder value has increased by over $1.2 billion. With his vision passion and commitment he has positioned the company to continue to grow and thrive into the future. In 2014 he will have led the company's evolution for 10 years, expanding its global footprint and building online bidding into a more than $1 billion business while continuing to foster a culture of trust with our customers and employees, a core value of Ritchie Bros."

"The Board thanks Peter for his service and tireless dedication to our company and we look forward to working with him in the coming months to continue to execute our strategy and identify a new leader to take Ritchie Bros into its next phase of growth."

The company says that it will conduct a comprehensive search for a replacement, including an assessment of internal and external candidates.