AngloGold Ashanti CEO resigns after 18 years at the firm | Fin24
 
In partnership with
  • Ferial Haffajee

    Why Minister of Public Enterprises Pravin Gordhan’s patriotism call to fly SAA flopped.

  • Solly Moeng

    State capture is meant to be over, but we aren't free if its beneficiaries go unpunished.

  • South African Airways

    A business rescue practitioner has been appointed to try and save the struggling flag carrier.

Loading...

AngloGold Ashanti CEO resigns after 18 years at the firm

Apr 16 2018 09:21
Sibongile Khumalo
Srinivasan Venkatakrishnan, CEO AngloGold Ashanti,

Srinivasan Venkatakrishnan, CEO AngloGold Ashanti, at the 2016 Africa Mining Indaba in Cape Town. (Photo: File, Gallo Images)

Related Articles

AngloGold Ashanti sells some SA mines to cut losses

AngloGold Ashanti in talks to sell Kopanang Mine

Restructuring to save AngloGold’s SA business - report

AngloGold concerned over Ghana mine looting

 

Johannesburg -  AngloGold Ashanti  [JSE: ANG] CEO Srinivasan Venkatakrishnan has resigned, the company announced on Monday.

Venkatakrishnan leaves after 18 years at the company, the last five as CEO, to become chief executive of Vedanta Resources. 

Vedanta is a London Stock Exchange-listed, diversified natural resources firm, with interests zinc, lead, silver, copper, iron ore, aluminium as well as oil and gas.

AngloGold Ashanti said in a statement Venkatakrishnan, also known as Venkat, will remain in his current position until August 30 2018.

Chairperson Sipho Pityana hailed the outgoing CEO for creating a culture of accountability within the mining firm, stating that a search was underway for his replacement.

“He has embedded a culture of consistency and accountability in the business, and has created the ability for the company to thrive in a range of market conditions,” said Pityana.

Venkat assumed the role of CEO in May 2013, soon after the gold price fell by nearly a third.

Under his leadership, AngloGold Ashanti achieved a 16% reduction in all-in sustaining costs, a 30% reduction in all in costs. Productivity over the five years also increased by 26%.

"This was all achieved whilst setting new benchmarks for safety performance and environmental stewardship, and without the issue of equity thereby avoiding dilution to shareholders," AngloGold Ashanti said in a statement.

Pityana said the board will embark on a global search for a replacement  “with the requisite experience and breadth of expertise, and who will be committed to maintaining the discipline and value focus that has become a hallmark of this business”.

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

anglogold ashanti  |  mining  |  ceo
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...