Ritchie Bros CEO to step down

Ravi Saligram is to leave his roles as CEO and director of Ritchie Bros Auctioneers from October 1 this year.
Ravi Saligram steps down as Ritchie Bros CEO and director in October

The Burnaby, Canada-headquartered industrial auctioneer and used equipment seller said Saligram had taken the decision to return to his family in the United States. The company has started a search for his successor and engaged an executive search firm to assist in the process. Ritchie Bros says it will consider both external and internal candidates.

Chair of the Ritchie Bros board Bev Briscoe 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."

Saligram said that the company is on track to deliver strong earnings growth in 2019, and that the 2017 acquisition of online auction platform IronPlanet is beginning to yield tangible value.

He added: "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."

Ritchie Bros conducts equipment auctions in sectors including quarrying, construction, transportation, agriculture, energy, oil and gas, mining and forestry.

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