What happened: Ravi Saligram set resign as CEO and board member of Ritchie Bros.
Why it matters: The departing CEO oversaw the company during a five-year period in which its share prices nearly doubled
The CEO of Ritchie Bros. Auctioneers (TSX: RBA) is bidding goodbye to his leadership role at one of B.C.’s largest companies.
Ravi Saligram is set to resign as both chief executive and board member at the Burnaby-based firm effective October 1.
"My decision to leave Ritchie Bros has been extremely difficult and motivated by personal and family considerations," he said in a June 24 statement.
"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.”
Saligram, a recipient of Business in Vancouver’s 2018 CEO Awards, joined Ritchie Bros. in 2014.
Over those past five years the company’s share prices have risen from about $26.50 to $46.65, as of 8:30 a.m. PT on June 24.
Ritchie Bros. shares were down from Friday’s (June 21) close of $47.66 following the announcement of Saligram’s departure.
“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,” Ritchie Bros. chairwoman Bev Briscoe said in a statement.
“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."
The company said its executive search would include both internal and external candidates.
Ritchie Bros. is best known for facilitating sales of heavy equipment and trucks through live auctions and online bidding.