E. Ritter & Co. of Marked Tree, a business mainstay of Poinsett County for nearly 135 years, is in succession to a fifth generation of the family, with Chip Dickinson stepping down as CEO at the end of the year and current company president Erik Kesting succeeding him.
The transition will take effect Jan. 1, and Dickinson will become a senior adviser to the family-owned portfolio of businesses. Kesting is a fifth-generation Ritter descendant who joined the management team in May after serving on the board of directors since 2018 and being board chair from February 2020 to May of this year.
Dickinson, who joined ERC in 2011 as president, became the first non-family CEO in 2013 when he succeeded Dan Hatzenbuehler. Under his leadership, the company grew steadily, diversified its portfolio and repositioned its businesses. He also led the evolution of ERC’s business and family governance structures, and “transitioned leadership to the next generation,” according to a news release.
“Erik has been closely involved and a key contributor in our most important strategic initiatives,” ERC Board Chair Julie Abraham said in the release. “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.”
Kesting holds a Bachelor of Science degree from Tufts University in Medford, Massachusetts, and a Master of Divinity degree from Harvard University. Previously, Kesting held various roles at the global health care software company Epic, from 2010-2019.
Kesting said being asked to lead a five-generation family business was a rare privilege.
“I am humbled to be granted that trust,” he 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.”
Abraham, speaking for the board, thanked Dickinson for his “outstanding leadership” as CEO.
“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,” she said in the release.
Dickenson called it a “wonderful privilege” to have worked with a talented leadership team and supportive board. “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.”
E. Ritter has been family owned since its founding in Marked Tree in 1889. It is invested in a diverse group of businesses and industries. In addition to legacy businesses Ritter Agribusiness and Ritter Communications, it has invested in SSI Fire and Safety Holdings and Aldridge, through a strategic relationship with Walnut Grove Capital Partners of Memphis.
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