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May 2014
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Ritchie Bros. Co-Founder to Retire as CEO

David Ritchie, one of the original brothers who founded Ritchie Bros. Auctioneers, the world's largest equipment auction company, said he intends to retire as CEO October 31, but will continue as chairman of the  board. Current senior vice president and chief financial officer Peter Blake  will replace Ritchie as CEO, effective Nov. 1, company officials said.

Ritchie  said he did not expect the change to impact the company's customers,  employees or shareholders. "I have never fit the mold of the traditional CEO," said Ritchie. "My focus has always been and  will continue to be on customer service. I'll still be attending and  working at auctions, meeting with customers and making sure that we continue  to provide the highest possible level of customer service. Peter and other  members of our senior management team have been heavily involved in the  day-to-day management and strategic direction of the company for many years,  which is why I am confident that this will be a smooth transition."

The  company's board of directors also appointed Robert Armstrong, current  vice president of finance, to the position of vice president, finance, and  chief financial officer, also effective Nov. 1. Randall Wall will continue as  president and chief operating officer and Robert Mackay will remain executive  vice president.
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