Ritchie Bros. Auctioneers last week announced that co-founder David Ritchie will step down as chairman of the board and a director of the company effective Nov. 30. The board said Ritchie has accepted an appointment to the honorary position of chairman emeritus.
Ritchie founded Ritchie Bros. Auctioneers in the 1950s with his brothers Ken and John. The brothers were running the family’s used furniture store in Kelowna, B.C., when, in need of cash to repay a bank loan, they held an unreserved auction. When the auction was successful, they began holding them regularly, going on from furniture to industrial and construction equipment and trucks.
Ritchie retired from his position as CEO in 2004.
“My best friends are my customers and the great people I’ve been working with at the company for 40 years,” Ritchie said. “I’m proud of what we have built and extremely confident in the team that’s managing the business today. They understand the importance of doing what’s right, treating people fairly and taking care of our customers. And as long as my name is on the door, if they ever forget these basics, I’ll come back and remind them.”