VANCOUVER, Oct. 8, 2013 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX:
RBA; "the company") today announced that Chief Executive Officer Peter
Blake will step down in May 2014, at the time of the company's next
Annual General Meeting. During the interim period Mr. Blake will remain
as CEO, continuing to lead the company and the Board will initiate a
search for Mr. Blake's replacement.
Mr. Blake joined Ritchie Bros. in 1991 and has served as CEO of Ritchie
Bros. since 2004. Under his leadership the company has grown to become
a global leader in the industrial equipment exchange business,
expanding into new markets with a track record as a leading innovator
in the industry.
"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 Mr. 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 Ritchie Bros. 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
Added Robert Murdoch, Chairman of Board of Directors of Ritchie Bros.:
"Peter Blake 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 Pete 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."
Working with an executive recruiting firm, the Board of Directors will
conduct a comprehensive search for Mr. Blake's replacement, including
an assessment of internal and external candidates.
About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's
largest seller of used equipment for the construction, transportation,
agriculture, material handling, energy, mining, forestry, marine and
other industries. Ritchie Bros.™ solutions make it easy for the world's builders to buy and sell
equipment with confidence, including live unreserved public auctions
with on-site and online bidding (rbauction.com), the EquipmentOne™ secure online marketplace (EquipmentOne.com), a professional corporate asset management program, and a range of
value-added services, including equipment financing for customers
through Ritchie Bros. Financial Services (rbauctionfinance.com). Ritchie Bros. has operations in more than 25 countries, including 44
auction sites worldwide. Learn more at RitchieBros.com.
Investors and analysts are invited to participate on a conference call
with Company management tomorrow morning, October 9, 2013 at 10am ET /
7am PT. Dial-in information will be provided in a media advisory to
SOURCE: Ritchie Bros. Auctioneers
For further information:
Investor Relations Manager
Manager, Corporate Communications
Ritchie Bros. Auctioneers