01
Jul

Ritchie Bros.’s CEO to step down; search on for successor

Ritchie Bros. Auctioneers says that Ravi Saligram, CEO and board member, will step down efficient October 1 after 5 years with the corporate.

The corporate says it’s now conducting “an intensive, considerate seek for Ravi’s successor,” and can think about each inside and exterior candidates.

Saligram

“Over the previous 5 years, Ravi has led the transformation of the corporate, constructing on its energy as a dwell public sale firm to grow to be a world chief in offering options to prospects for his or her gear wants,” says Bev Briscoe, Ritchie board chair. “With the acquisition of IronPlanet and its profitable integration, Ravi leaves us with a sturdy platform and technique firmly in place for continued worthwhile development.”

“Main Ritchie Bros. has been each my ardour and my honor,” says Saligram. “We have now shifted the paradigm from being the world’s largest dwell public sale firm to a multi-channel, know-how enabled gear asset administration and disposition platform. We have now constructed a robust basis for the long run with our dwell public sale and on-line prowess, digital experience and information analytics capabilities. We have now shaped the most effective administration staff in our trade, with a range of each individuals and thought to create exponential innovation, and groups that by no means lose sight of the client as our anchor.”

Saligram says it was “the suitable time for me to rejoin my household within the U.S, tackle new profession challenges and hand the baton to a brand new CEO to construct on all we now have completed as a staff.”

Ritchie Bros.’s acquisition of arch-rival IronPlanet, accomplished in 2017, additionally initiated a five-year alliance with Caterpillar. This spring, the corporate promoted Jeff Jeter, former president of IronPlanet, to president of upstream and rising companies, which focuses on rising non-auction companies.

The corporate broke a personal-best document at its Orlando public sale in February in a $297 million sale of 13,350-plus items, a 7 % improve over the earlier yr.