• SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

  • Platinum handshake

    Officials who try to do what's right risk far more than blessed wrongdoers, says Solly Moeng.

All data is delayed
Loading...
See More

AngloGold embarks on CEO search

Jan 08 2013 10:33
I-Net Bridge

Tito Mboweni.

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 144
Change -5
% Change -3
Cumulative volume 3205098
Market cap 0

Last Updated: 22-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 304
Change 9
% Change 3
Cumulative volume 1109318
Market cap 0

Last Updated: 22-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

AngloGold boss to head Anglo American

Anglo to hire rival's CEO for top job

AngloGold retains investment rating

Carroll lifts veil on SA mining

Carroll: Apartheid behind mine violence

Carroll: Every single life lost killed me

 

Johannesburg - The board of AngloGold Ashanti [JSE:ANG] under its chairperson‚ former Reserve Bank governor Tito Mboweni‚ has initiated a formal search for a new chief executive officer of the company following the resignation of Mark Cutifani who has accepted an offer to take over the helm as CEO at resources giant Anglo American [JSE:AGL]

Both internal and external candidates would be considered for the position‚ the board said. 

In the interim‚ the board has asked Chief Financial Officer Srinivasan Venkatakrishnan (Venkat) and Executive Vice President Business & Technical Development Tony O’Neill to act as joint interim chief executives‚ with Venkat responsible for all finance and corporate functions and Tony responsible for all pperations‚ projects (including ERP and procurement) and technical functions. 

“Both executives are well suited for their interim roles with strong track records at AngloGold Ashanti and in the mining industry. Venkat has held positions at AngloGold and Ashanti Goldfields since 2000 and has been Chief Financial Officer of AngloGold Ashanti since 2005. Tony‚ who will join the board of directors in coming weeks‚ joined AngloGold Ashanti in 2008 and has had an extensive career in mining since 1978. Both Venkat and Tony have indicated to the board of directors that they are not at this time intending to put themselves forward for the position of CEO‚” the company stated. 

Cutifani‚ whose appointment as CEO of Anglo American is effective April 3‚ will remain in the role of CEO of AngloGold Ashanti until March 31. 

Commenting on Cutifani’s intended departure‚ AngloGold Ashanti chairperson Tito Mboweni said: “I would like to thank Mark for five years of inspirational leadership‚ during which time he transformed the business. Mark led a significant operations and financial turnaround with industry-leading returns‚ and built a leadership team with outstanding breadth and depth. I am indebted to Mark for successfully navigating many difficult aspects of the global business and for setting the company up for long-term success.” 

Since the launch of AngloGold’s new strategy under Cutifani at the beginning of 2008‚ safety has improved by some 70%‚ the hedge book has been eliminated and the balance sheet rebuilt‚ the operating performance of several key assets have been improved and key growth projects are scheduled to start production in the next 12 months. Earnings before interest‚ tax‚ depreciation and amortisation almost tripled over that time‚ outpacing gains in the gold price. Cutifani also initiated a comprehensive business improvement and people-focused intervention - Project One - which continues to drive stability and improved performance across the business. 

Commenting on his departure‚ Cutifani said: “It’s been a privilege working with the board and my colleagues to rebuild our operations and financial foundations and deliver industry-leading capital returns‚ whilst developing a project pipeline to deliver long-term sustainable value. But it’s the focus on people‚ the rebuilding of the management team and their delivery of significant safety‚ environment and community development improvements‚ that will help AngloGold Ashanti prosper in the long term.”


 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

anglogold ashanti

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...