Sharon Driscoll will be joining Ritchie Bros. as chief financial officer, effective July 6, 2015. Driscoll 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.”
Driscoll has more than 17 years of senior executive experience, overseeing financial operations for large, multi-channel businesses. Most recently, she was executive vice president and CFO of Katz Group Canada Ltd. (more commonly known as Rexall), a national pharmacy retailer based in Canada with more than 450 locations. In this role, Driscoll 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, 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.
Prior to Rexall, Driscoll was senior vice president and CFO of Sears Canada Inc., one of Canada’s largest retailers. At Sears, Driscoll was responsible for all financial management and oversight of the company’s operations, providing leadership and coordination of the organization’s overall financial plans, policies and accounting practices. There, she successfully handled complex situations and was responsible for building relationships with external constituencies, including shareholders, lending institutions and regulatory bodies. While in her role, Sears Canada registered as a foreign private issuer with the United States Securities and Exchange Commission, established a secured revolving credit facility, and unlocked substantial capital through lease surrender transactions. Prior to being appointed CFO, Driscoll was SVP Finance at Sears Canada.
Driscoll also has held numerous roles over a 20 year career with Loblaw Companies Limited, a leading Canadian grocery and food distribution company, including: SVP Corporate Development, SVP Finance — National Merchandising, SVP Finance — Ontario Division, and, VP Finance — Loblaws Supermarkets Limited. During her time at Loblaws, she led major transformation initiatives that centralized processes and captured meaningful cost savings.
Driscoll 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 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. McLeod’s diversity of experience within Ritchie Bros. will be invaluable in pursuing the company’s new corporate strategy. Specifically, he 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. In addition, Rob will provide oversight to global sector champions for the agricultural, transportation and oil and gas sectors to drive the transfer of best practices across geographies to accelerate priority sector penetration. He also will oversee sales operations and sales support functions and partner with business unit heads to improve sales productivity. McLeod will continue reporting directly to Ravi Saligram, CEO.
For more information, please visit www.rbauction.com.