What happened: One of B.C.’s most profitable companies has tapped a new CEO
Why it matters: The auction house has been on the search for a new leader since former CEO announced his departure in June
Ritchie Bros. Auctioneers (TSX: RBA) will kick off 2020 by filling in its CEO vacancy.
The Burnaby-based company announced Monday (December 16) that Ann Fandozzi will take over the top job and join the board of directors on January 6 in the wake of former CEO Ravi Saligram’s departure.
Ritchie Bros. is best known for facilitating sales of heavy equipment and trucks through live auctions and online bidding.
Fandozzi had been serving as CEO of ABRA Auto Body & Glass, an American vehicle repair company, since 2016.
Prior to that she headed up carpooling platform provider vRide Inc. from 2012-16.
Saligram revealed in June he was leaving one of B.C.’s most profitable companies for “personal and family considerations.”
He’s now based in Atlanta, where he’s been serving as president, CEO and board member for Newell Brands since October.
Fandozzi lists her present location on LinkedIn as the Greater Philadelphia area.
Ritchie Bros. spokesman Ian Malinski told Business in Vancouver in an email that it has not been determined where Fandozzi will be based but as the head of an international company she will spend significant time travelling.
“Vancouver is our corporate headquarters so she will for sure be spending a lot of time here,” he said.
Ritchie Bros. CFO Sharon Driscoll and president Karl Werner had assumed the roles of interim co-CEOs while the months-long hunt was underway to replace Saligram.
Company shares were up 0.44% to trade at $56.91 at 9 a.m. PT the day Fandozzi was named CEO.