Peter Blake is to step down as chief executive of Ritchie Bros at the company’s annual general meeting (AGM) in May 2014.
Blake will continue to fulfil his duties at the heavy equipment auctioneers until the AGM, while the board of directors seeks a replacement.
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Blake, who joined Ritchie Bros in 1991 and became chief executive in 2004, said he was proud of the company’s progress over the past decade, having "established a strong platform for growth", and now being "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."
Robert Murdoch, chairman of Ritchie Bros’ board of directors, said Blake had been "an outstanding leader", and the board thanks him "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."
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