Heavy Equipment Guide Logo

Ritchie Bros. CEO to step down in October

0163/40575_en_933b5_43174_ritchie-bros-logo-2.jpg

Company info

9500 Glenlyon Parkway
Burnaby, BC
CA, V5J 0C6

Website:
rbauction.com

Read more

Ritchie Bros. Auctioneers has announced 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 company says that 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 honour. 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."

More from Industry News

Sunnen offers new line of drill heads and consumables for Sandvik-style tooling

Sunnen Products Company now offers a new series of drill heads, inserts and pads that are directly interchangeable with Sandvik deep-hole drilling tools. The new line, Sunnen DirectDex, features BTA/STS (Single Tube System) and DTS/Ejector (Double Tube System) style deep-hole drilling tools designed to produce a low cost-per-bore with consistent performance. The new product series directly corresponds to the previously available line of Sandvik drill heads, inserts, and guide pads, with additional product series set to be released soon.  

ICUEE 2019: What to see at the demo expo, part three

ICUEE, the International Construction & Utility Equipment Exposition, will take place October 1-3 in Louisville, Kentucky. ICUEE is the utility industry's largest trade show, covering 28+ acres of indoor and outdoor exhibits, and bringing together more than 18,000 utility professionals every two years.

John Deere extends 944K Hybrid wheel loader warranty

Confident in the strength and long-lasting design of its machines, John Deere is extending the eight-year/20,000-hour power electronic components warranty on the 944K Hybrid Wheel Loader. The warranty supports John Deere's commitment to the durability and reliability of its popular 944K Hybrid Wheel Loader, which was recently named as a finalist for the Diesel Progress Summit Awards in the Electrification Application of the Year category.

Stellex Capital Management to sell Morbark to Alamo Group

Stellex Capital Management, a middle market private equity firm, has announced that it has entered into an agreement to sell Morbark, LLC,  the manufacturer of high-performance equipment and after-market parts for the forestry, recycling, tree care, sawmill, land clearing and biomass markets, to Alamo Group for $352 million. The sale includes all assets and operations of Morbark and its affiliate brands. 

Screening manufacturer MAJOR partnering with dealer for training program

MAJOR, a manufacturer of high-performance screening media, introduces a training program — Hands-On SMS — to give operations the tools they need to maximize uptime. MAJOR is first offering the program through General Equipment & Supplies, a Fargo, North Dakota-based dealer. The training includes hands-on experience with all aspects of a vibrating screen. It can be a stand-alone presentation, or a supplement to training already provided by the dealer, including material handling and crushing courses.

Check out The Site Visit, a new podcast from Vancouver construction entrepreneurs

Construction industry entrepreneurs James Faulkner, Christian Hamm, and Andrew Hansen today announced the launch of The Site Visit, a podcast focused on leadership in construction with perspective from the jobsite. The podcast has already produced 18 episodes, has 500+ subscribers and has hosted guests that include senior executives from Fusion Projects, Ram Consulting, Faber Technologies, Landa Global, Clearview Demolition, Pit Stop Portables and Colony Construction. 

First Demag AC 45 City deployed in North America

"Large lifting companies with multiple cranes have options to get jobs done. I don't have that luxury," comments Steve Kelly, owner/operator of Steel Giraffe LLC. The Portsmouth, R.I.-based "boutique" crane company doesn't search out the typical residential and commercial construction projects. Rather, Steel Giraffe completes specialized lifting projects, and 90 percent of its lift jobs fall within a 30-mi (48-km) radius of the headquarters location.

Subscribe to our free newsletter

Get our newsletter

Learn more

Automated trucks hit public roads as Daimler Trucks starts testing

Daimler Trucks and Torc Robotics are actively developing and testing automated trucks with SAE Level 4 intent technology on public roads. The initial routes are on highways in southwest Virginia, where Torc Robotics is headquartered. All automated runs require both an engineer overseeing the system and a highly trained safety driver certified by Daimler Trucks and Torc Robotics. All safety drivers hold a commercial driver's license and are specially trained in vehicle dynamics and automated systems.

WOLFFKRAN appoints new CEO

On August 1, 2019, Dr. Peter Schiefer handed over his position as CEO to Duncan Salt, the former Head of Sales and Service. Schiefer will remain Delegate of the Board of Directors and increase his focus on the strategic development of WOLFFKRAN.

Generac Mobile awarded Sourcewell cooperative purchasing contract

Generac Mobile is now part of Sourcewell cooperative purchasing. Sourcewell, formerly the National Joint Powers Alliance (NJPA), helps government, education and nonprofit agencies operate more efficiently by helping save time and money with contract purchasing solutions nationwide. Generac Mobile equipment with related accessories and attachments can now be purchased through this program.

3D printing technology finds place improving quality at Volvo Trucks factory

Volvo Trucks North America is utilizing 3D printing technology to produce tools and fixtures used in the manufacturing process at its New River Valley (NRV) plant in Dublin, Virginia, where all trucks for the North American market are built. The implementation of 3D-printed manufacturing tools enables quicker production and continuous quality improvements.

Subscribe to our free magazine

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more

AGF Access Group contributes to Darlington Nuclear refurbishment

Montreal-based AGF Access Group, Inc. has been selected to provide a modular access solution manufactured under its Winsafe brand for Canada's largest clean energy project: the Ontario Power Generation's (OPG) Darlington Nuclear Generating Station in Southern Ontario, a joint venture refurbishment project led by SNC-Lavalin Group, Inc. and Aecon Group, Inc.  

ShearForce joins forces with former Terrafirma team to serve northern Alberta

ShearForce Equipment and key former employees of TerraFirma Equipment has announced that they are joining forces in northern Alberta to provide sales, rentals, parts, and repair and maintenance services for hydraulic excavator attachments. They are not only expanding their regional support capacity across northern Alberta, but also the product lines they can service and repair.

Case announces 2019 “Diamond Dealer” and “Gold Dealer” award winners

Case Construction Equipment has named its 2019 "Diamond Dealer" and "Gold Dealer" award recipients as part of its North American Construction Equipment Partnership Program. The awards recognize dealerships across the U.S. and Canada for excellence in five categories including sales performance, marketing and communications, product support, parts support and training.

Subscribe to our free newsletter

Get our newsletter

Learn more

Halrai of Quebec to distribute Venturo cranes

Venturo, a producer of truck- and van-equipped cranes, has announced a new distribution partnership with Halrai of Quebec. This Canadian equipment dealer will distribute the entire line of Venturo products with a focus on fully hydraulic cranes, including models equipped with Venturo Logic Controls (VLC).

Shawmut Equipment opens new facility in Halifax to support demand for Manitowoc cranes

Shawmut Equipment of Canada, one of Manitowoc Crane's dealer partners for success in North America, has opened a new facility in Elmsdale, near Halifax in Nova Scotia. The new location will serve as the company's Canadian headquarters, and comes as demand for its products and services has been constantly expanding in the region. 

Toro announces new underground construction business strategy

The Toro Company  is realigning the organizational structure for its underground construction businesses to better serve customers, maximize synergies and streamline costs. The company intends to combine certain aspects of the Ditch Witch, American Augers and Trencor businesses, all of which were part of the Charles Machine Works acquisition announced earlier this year. This realignment supports a streamlined approach to the marketing, sales and service functions of those businesses to more effectively support end customer needs.

Hand protection maker Mechanix Wear a good fit to Gryphon investors

Gryphon Investors, a San Francisco-based middle-market private equity firm, has signed a definitive agreement to make a significant investment in Mechanix Wear, a leading designer and manufacturer of high-performance work gloves. Working alongside current owner and CEO Michael Hale, who will retain an ownership stake in the Company, Gryphon intends to build a leading platform in the Personal Protective Equipment (PPE) sector. The transaction, which is expected to close in the fourth quarter, is subject to customary closing conditions. Terms of the deal were not disclosed.

Subscribe to our free magazine

Get Our Magazine

Paper or Digital delivered monthly to you

Subscribe or Renew Learn more