E. Ritter and Company announces succession plan
by November 6, 2023 12:27 pm 1,273 views
Chip Dickinson (left) and Erik Kesting.
Chip Dickinson is stepping down as E. Ritter & Company (ERC) CEO and Director on the Board effective January 1, 2024, at which point he will become Senior Advisor, the company announced Monday (Nov. 6).
Erik Kesting, a fifth-generation Ritter descendant and current President of ERC, will succeed Dickinson as CEO. Kesting joined the management team in May 2023, having served on the Board of Directors since 2018 and as Board Chair from February 2020 to May 2023.
“Erik has been closely involved and a key contributor in our most important strategic initiatives,” said ERC Board Chair Julie Abraham. “His experience has given him a deep appreciation for the Ritter owners’ vision and goals, a thorough understanding of the company’s businesses and investment strategies, and close relationships with the talented management team in place.”
E. Ritter & Company is a privately-held, family-owned enterprise founded in Marked Tree, Arkansas in 1889. It is heavily invested in a diversified portfolio of businesses and industries, including agriculture and telecommunications.
“Being asked to lead a fifth-generation family business is a rare privilege. I am humbled to be granted that trust,” Kesting said. “I look forward to continued partnership with the Board, the Ritter family, and the talented leaders across our portfolio as we continue to grow and sustain our businesses and write the next chapter together.”
Dickinson joined ERC in October 2011 as President and in January 2013 became the first non-family CEO, succeeding Dan Hatzenbuehler. During his tenure, the company experienced steady growth, adopted and executed a portfolio diversification strategy, repositioned its businesses, evolved its business and family governance structures, and transitioned leadership to the next generation.
“On behalf of the Board of Directors, I want to thank Chip for his outstanding leadership during his 11 years as CEO,” Abraham said. “In addition to being Senior Advisor to the management team and the ERC Board, we are also grateful Chip will continue to serve as a board member on two of the portfolio companies. Over the last decade Chip, the Board of Directors, the Ritter family leaders and the management team have led the company through a period of significant growth and transformation while cultivating and honoring the Ritter culture and values.”
“It has been a wonderful privilege to have worked closely and collaboratively with a talented management team and supportive board to help an incredible family achieve their vision as a family enterprise,” Dickinson said. “I am excited the Board has selected Erik to be the next CEO. Erik and I have worked closely over the last five years. He knows the family, their aspirations and the business better than anybody. Erik is the right person to lead the company into the next era.”