Ritchie Bros CEO to step down next year

Peter Blake, CEO of construction equipment auctioneer Ritchie Bros, is to step down in May next year after a decade in the role.

The company said Mr Blake would remain as CEO in the interim as it searches for a replacement. Mr Blake joined Ritchie Bros in 1991 and has served as CEO of the company since 2004.

Under his leadership the company has grown, and now has operations in more than 25 countries, including 44 auction sites.

“I have decided that the time is right for a new CEO to lead Ritchie Bros into the exciting next phase that is ahead,” Mr Blake said.

“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."

Robert Murdoch, chairman of the Ritchie Bros board of directors, added, “Peter Blake has been an outstanding leader of Ritchie Bros. During his tenure shareholder value has increased by over US$ 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 US$ 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."