Ritchie Bros. CEO to Step Down in May

Ritchie Bros. Auctioneers said CEO Peter Blake will step down in May during the company’s annual meeting. A successor has not been named.

Blake has been with Ritchie Bros. since 1991 and has served as CEO since 2004.

“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,” Blake said in a statement.

The company said it is working with an executive recruiting firm to find a successor and is considering internal and external candidates.

Ritchie Bros., based in Vancouver, British Columbia, sells used equipment for the construction for industries including transportation, agricultural, material handling, energy, mining, forestry and marine.

“Peter Blake has been an outstanding leader of Ritchie Bros. During his tenure, shareholder value has increased by over $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 $1 billion business,” Robert Murdoch, chairman of the board of directors, said in a statement.