David E. Ritchie has stepped down as chairman of the board and a director of Ritchie Bros. Auctioneers and has accepted the appointment to the honorary position of Chairman Emeritus. Charles E. Croft, who had previously served as vice chairman of the board, assumes the role of chairman of the board.
A founder of the company with his brothers Ken and Dave, Ritchie retired from the role of CEO in 2004 and decided to retire from the position of chairman just recently. Ritchie said: “My best friends are my customers and the great people I've been working with at the company for 40 years. I'm incredibly proud of what we have built. I'm also extremely confident in the team that's managing the business today. They get it. They understand the importance of doing what's right, treating people fairly and taking care of our customers.”