-
Ravi Saligram to Step Down as
Chief Executive Officer and Director -
- Company has Commenced a Search for His
Successor -
VANCOUVER, June 24, 2019 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX:
RBA) ("Ritchie Bros." or the
"Company"), the world's largest industrial auctioneer and a leading
seller of used equipment, announced today that Ravi Saligram, Chief Executive Officer and Board
member has informed the Board of Directors that he will step down
from his positions effective October 1,
2019.
The Board will conduct a thorough, thoughtful search for Ravi's
successor and has engaged a leading executive search firm to assist
in the process, which will consider both external and internal
candidates.
Bev Briscoe, Chair of the Board,
said, "Over the past five years, Ravi has led the
transformation of the Company, building on its strength as a live
auction company to become a world leader in providing solutions to
customers for their equipment needs. With the acquisition of
IronPlanet and its successful integration, Ravi leaves us with a
robust platform and strategy firmly in place for continued
profitable growth. Importantly, Ravi has assembled and
developed a talented and diverse team that is deeply committed to
the Company, its customers and its values of integrity, teamwork
and stakeholder value."
"With the Company on a strong strategic course with the right
technologies, tools and capabilities to succeed, Ravi has decided
to return to his family in the United
States. A search is underway for a leader with a proven
track record of execution to accelerate sustainable, profitable
growth and take the Company to new levels of success. The Board
thanks Ravi for his exceptional leadership over these past five
years and his commitment to working with the Board toward a smooth
transition."
Saligram said, "Leading Ritchie Bros. has been both my passion
and my honor. We have shifted the paradigm from being the world's
largest live auction company to a multi-channel, technology enabled
equipment asset management and disposition platform. We have built
a strong foundation for the future with our live auction and online
prowess, digital expertise and data analytics capabilities. We have
formed the best management team in our industry, with a diversity
of both people and thought to create exponential innovation, and
teams that never lose sight of the customer as our anchor."
"My decision to leave Ritchie
Bros has been extremely difficult and motivated by personal
and family considerations," continued Saligram. "But with the
Company on track to deliver strong earnings growth in 2019, the
IronPlanet acquisition beginning to yield tangible value and a
world-class platform with accelerating network effects in place,
this is the right time for me to rejoin my family in the U.S, take
on new career challenges and hand the baton to a new CEO to build
on all we have accomplished as a team. I am extremely enthusiastic
about Ritchie Bros.' prospects, and
truly believe our best days are ahead of us."
About Ritchie Bros.:
Established in 1958, Ritchie
Bros. (NYSE and TSX: RBA) is a global asset management and
disposition Company, offering customers end-to-end solutions for
buying and selling used heavy equipment, trucks and other assets.
Operating in a number of sectors, including construction,
transportation, agriculture, energy, oil and gas, mining, and
forestry, the Company's selling channels include: Ritchie Bros. Auctioneers, the world's
largest industrial auctioneer offers live auction events with
online bidding; IronPlanet, an online marketplace with
featured weekly auctions and providing the exclusive IronClad
Assurance® equipment condition
certification; Marketplace-E, a controlled marketplace
offering multiple price and timing options; Mascus, a leading
European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately
negotiated sales. The Company's suite of multichannel sales
solutions also includes RB Asset Solutions, a complete end-to-end
asset management and disposition system. Ritchie Bros. also offers sector-specific
solutions including GovPlanet, TruckPlanet, and Kruse Energy
Auctioneers, plus equipment financing and leasing through
Ritchie Bros. Financial Services.
For more information about Ritchie
Bros., visit RitchieBros.com.
Forward-looking Statements:
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable U.S.
and Canadian securities legislation (collectively, "forward-looking
statements"), including, in particular, statements regarding future
financial and operational results, including growth prospects and
payment of dividends. Forward-looking statements are statements
that are not historical facts and are generally, although not
always, identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or statements that events or conditions
"will", "would", "may", "could", "should" or "might" occur. All
such forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks
and uncertainties, certain of which are beyond the Company's
control, including the numerous factors that influence the supply
of and demand for used equipment; economic and other conditions in
local, regional and global sectors; the Company's ability to
successfully integrate IronPlanet, and to receive the anticipated
benefits of the Acquisition; and the risks and uncertainties set
forth in the Company's Annual Report on Form 10-K for the year
ended December 31, 2018, which is
available on the SEC, SEDAR, and Company websites. The foregoing
list is not exhaustive of the factors that may affect the Company's
forward-looking statements. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results may differ materially from those expressed in, or implied
by, these forward-looking statements. Forward looking statements
are made as of the date of this news release and the Company does
not undertake any obligation to update the information contained
herein unless required by applicable securities legislation. For
the reasons set forth above, you should not place undue reliance on
forward looking statements.
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SOURCE Ritchie Bros.
Auctioneers