RB Global appoints new CEO after Fandozzi resigns over pay dispute; Q2 GTV up 146% to $4.1B

RB GLOBAL INC.

Jim Kessler named CEO, Megan Cash interim principal finance officer, effective immediately, following departures of CEO Ann Fandozzi and CFO Eric Jacobs.
Fandozzi resigned after Board refused her demand for a front-loaded 5-year equity compensation package; departures unrelated to financial performance.
Q2 2023 preliminary results: GTV $4.1B (+146% YoY), revenue $1.1B (+128%), net income $86.8M (+63%), diluted EPS $0.42 (-13%).
Adjusted EBITDA $307.8M (+126%), diluted adjusted EPS $0.85 (+15%); quarterly dividend declared $0.27/share payable Sept 13 to holders of record Aug 23.
Management expects Q3 2023 GTV growth of low- to mid-single digits year-over-year on a combined basis.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

RB GLOBAL INC. reported second quarter ended June 30, 2023 results: revenue $1.1 billion, net income $86.8 million, EPS $0.42 per share.

Period: second quarter ended June 30, 2023
Revenue: $1.1 billion
Net income: $86.8 million
EPS: $0.42 per share
Result: reported results

Exact text from the filing

of IAA. The Company expects GTV growth in the third quarter to be low- to mid-single digits year-over-year on a combined basis. ● Total revenue increased 128% year-over-year to $1.1 billion, which includes $560.4 million from the impact of the acquisition of IAA. 1 For information regarding RB Global use and definition of this measure, see “Key Operating Metrics”

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Source: SEC EDGAR

accession 0001558370-23-013185

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