Ritchie Bros. Auctioneers' Founder Steps Down as Chairman of the Board
November 6, 2006 • Ritchie Bros. Auctioneers,
Ritchie, along with older brothers, Ken and John, founded Ritchie Bros. Auctioneers in the 1950s, which is now the largest industrial auctioneer in the world. According to Peter Blake, chief executive officer: “Dave has been a mentor to every member of our management team, and we are honored to be handed the reins of the company he built,” said Peter Blake, chief executive officer. “Ritchie Bros. has certainly evolved from the little auction company that started out of necessity in a furniture store in the 1950s, but the core values are unchanged. And by sticking by these basics, we believe we'll be able to continue to grow this company and realize the full potential of Dave's vision.”
Ritchie currently owns just under 10% of the company's common shares and intends to maintain a significant ownership position in the company. Charles E. Croft, currently vice-chariman of the board and a director of the company since 1998, has been appointed chairman of the board effective Nov. 30, 2006.
