United Auctions (UA) has announced its senior executive team is to step down at the end of the year.
Group managing directors Robin Tough and Neil McLean and executive chairman David Leggat will continue with UA in a non-executive and advisory capacity.
David Brown, Donald Morrison, John Roberts, Christopher Sharp, Matt Stevenson, Donald Young and George Purves will take control of operational responsibility at the firm.
The seven directors were promoted to the executive team in December 2014 as part of the company’s succession planning.
Mr Leggat said: "The company has taken many forms over its long history and we are proud to have played our part in successfully leading the business in its most recent era.
"Now it is time for us to hand over the baton and allow the next generation to take the business into a new chapter.
"The new management team, with whom we have shared management responsibility for the past two years, has the quality, strength and depth to take the business forward with the same dedication to continuity of care, service and personnel."