- Tech Insights
Ann Fandozzi, CEO of Ritchie Bros., is a resilient and actionable leader who has been highly regarded and received by employees, board members, and investors since joining the company in January 2020. Her people-first approach to leading and emphasis on data and insights to facilitate problem-solving has helped create a more unified culture and transform the 60-year auction company into a global marketplace for insights, services, and transactions. All this, despite a year of little in-person contact with colleagues due to COVID-19.
In fact, the pandemic shut down the world less than 100 days into Ann joining Ritchie Bros. as its Chief Executive Officer. She and her team immediately set to work on three key priorities: employees, customers, and the business.
"Global network of online and onsite buying and selling channels for used heavy equipment, trucks and other assets. "
Starting in March 2020, Ritchie Bros. issued daily #RitchieStrong emails to employees sharing info and helping connect colleagues working remotely. Ann also hosted monthly online town halls, to update employees on various company topics and answer questions in a transparent forum. Ann’s pledge was to do everything possible to keep employees safe.
Ann and her executive team also set to work on advancing diversity and inclusion initiatives and addressing pressing social issues by fostering Ritchie Bros.’ existing Women’s LINK group and establishing a Black Lives Matter Employee Resource Group. This employee-led group now has more than 100 members from across the company. The BLM ERG has held discussions on diversity leadership, educated employees on key Black leaders during Black History Month, and is making charitable donations to local Black communities in need.
Also, in March, Ritchie Bros. made the switch to 100% online bidding to help keep customers safe, while still providing the liquidity they need for their businesses. To make this switch successful and knowing customers would require more data to help them make decisions, the company launched monthly Ritchie Bros. Market Trends pricing reports and a new price search tool called RB Asset Valuator. The company also set up safe work practices to allow customers to continue inspecting items in person at its locations. As a result of these critical decisions, the company is now attracting unprecedented demand for its events, with some auctions attracting 100% more bidders than the year prior.
Of course, a key role of any CEO is setting the company strategy, and the shift to 100% online and introduction of new services, tools, and solutions has helped bring Ann’s vision to life, transforming the 60-year auction company to become so much more to its customers. To that end, Ritchie Bros. has recently introduced a free online inventory management system to customers, within its RB Asset Solutions SaaS product. With RB Asset Solutions and the IMS, customers can manage their fleets, request an inspection or appraisal, research pricing, or send items to one of Ritchie Bros. sales solutions with a click of a button. Despite COVID, the transition has firmly begun to establish Ritchie Bros. as a marketplace for insights, services and transactions.
The company also completed the acquisition of Rouse Services in late 2020, a leading provider of data intelligence and performance benchmarking solutions, to improve the types of data and solutions it can provide customers.
While Ann’s journey at Ritchie Bros. has just begun, she has shown a unique ability to deliver results today while putting the pieces in place that will transform the company’s trajectory forever. IE
Chief Executive Officer of Ritchie Bros
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company’s selling channels include: Ritchie Bros.