Ritchie Bros. names new CFO
By Andrew Macklin
June 2, 2015 – Ritchie Bros. announced that Sharon Driscoll will be joining the company as Chief Financial Officer, effective July 6, 2015.
Sharon will have a key role on the executive team, partnering with the CEO and regional business unit leaders to reinvigorate growth in revenue, earnings and cash flow. In particular, she will focus on driving initiatives to optimize the balance sheet with an emphasis on capital allocation, capital structure and improving Return on Net Assets to enhance shareholder value.
“We’re very excited to welcome Sharon, a highly accomplished CFO, to Ritchie Bros. Sharon’s business acumen, strategic thinking capabilities, M&A expertise, and significant experience in capital allocation in multi-unit businesses will make her an outstanding business partner in our journey to execute the strategic plan and deliver the evergreen financial model over the long term,” said Ravi Saligram, chief executive officer. “With a team-oriented, collaborative approach to management and a talent for coaching future leaders, I’m confident Sharon will foster an even better understanding of financial metrics and drivers throughout the company, and enable our business to deliver superior results.”
Ms. Driscoll has over 17 years of senior executive experience, overseeing financial operations for large, multi-channel businesses. Most recently, Sharon was executive vice president and CFO of Katz Group Canada Ltd. (more commonly known as Rexall). In this role, Sharon was responsible for all financial operations, including: capital allocation and acquisition decisions, financing strategies and treasury operations, regulatory compliance, risk management and financial talent development. During her time at Rexall, Ms. Driscoll championed the acquisition and integration activity of independent pharmacy businesses into the Rexall family of corporate drug stores and strengthened financial governance over capital investment and allocation decisions.
Sharon is a Chartered Professional Accountant and has a Bachelor of Commerce (Honours) degree from Queen’s University. She will be based in Vancouver and will report directly to Ravi Saligram, CEO.
“I am delighted to be stepping into this role at such a great time for Ritchie Bros.,” said Ms. Driscoll. “Ravi and the leadership team have a clear and exciting strategic direction for the business that builds on Ritchie Bros.’ strong heritage and focuses on long-term shareholder value creation. I look forward to joining the RBA family and contributing to the company’s continued success.”
Related to this announcement, Ritchie Bros. announced that Rob McLeod, CFO since 2008, will take on a new role as Chief Business Development Officer. Rob’s diversity of experience within Ritchie Bros. will be invaluable in pursuing the company’s new corporate strategy. Specifically, Rob will be in charge of, and instrumental in, Ritchie Bros.’ M&A strategy – both in the evaluation of potential targets and the eventual execution of the acquisition, as well as the integration of new businesses into Ritchie Bros.’ suite of services.