RB Global Inc., formerly known as Ritchie Bros. Auctioneers Inc., is appointing a new chief executive officer to replace Ann Fandozzi following a dispute over issues including compensation.
Jim Kessler, RB Global’s chief operating officer and president, will take over as CEO and join the board of the industrial equipment auctioneer, according to a statement on Wednesday that confirmed an earlier Bloomberg News report.
The company’s shares, after falling as much as 15%, closed 5% lower at $61.51 in New York, giving RB Global a market value of about $11 billion.
Read the full story on Bloomberg here.