After 10 years at the helm of Ritchie Bros. Auctioneers, CEO Peter Blake will step down next spring, at the company’s Annual General Meeting in May 2014. During the interim period Blake will remain as CEO, continuing to lead the company as the board of directors initiates a search for Blake’s replacement.
Blake joined Ritchie Bros. in 1991 and has served as CEO 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,” Blake said. “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 forward.”
Board of directors chairman Robert Murdoch said Blake’s tenure as CEO led to increased shareholder value and significant company growth.
“With his vision passion and commitment he has positioned the company to continue to grow and thrive into the future,” Murdoch said. “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 Blake’s replacement, including an assessment of internal and external candidates.