Peter Blake, CEO of Ritchie Bros. Auctioneers, will step down in May 2014 at the company’s next Annual General Meeting.
During the interim period, Blake will remain as CEO and the board will initiate a search for his replacement.
Blake joined Ritchie Bros. in 1991 and has served as CEO of Ritchie Bros. since 2004.
"In thinking about the company's next step, and my own professional future, I have decided that the time is right for a new CEO to lead Ritchie Bros. into the exciting next phase that is ahead,” said Blake. “I see a great future for this company, and 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."
Working with an executive recruiting firm, the board of directors will conduct a comprehensive search for Blake's replacement, including an assessment of internal and external candidates.
"The Board thanks Pete for his service and tireless dedication to our company and we look forward to working with him in the coming months to continue to execute our strategy and identify a new leader to take Ritchie Bros. into its next phase of growth,” said Robert Murdoch, chairman of the board of directors of Ritchie Bros.