AngloGold Ashanti CEO resigns

File: CEO of AngloGold Ashanti Srinivasan Venkatakrishnan (right) and Harmony Gold CEO Graham Briggs. Venkatakrishnan has resigned. Photo: Flickr / GCIS

JOHANNESBURG - AngloGold Ashanti chief executive officer Srinivasan Venkatakrishnan has resigned, to become CEO at diversified resources group Vedanta.

The mining company says Venkatakrishnan, who spent 18 years at AngloGold, with the last five years as CEO, will remain in his current role until 30 August.

"A global search for the new CEO is underway, with a sub-committee of the Board formed to evaluate internal and external candidates. It is the Board’s intention that a successor will have been identified before Venkat’s departure," the group said in a statement.

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

Under his leadership, AngloGold Ashanti achieved a 16 percent reduction in all-in sustaining costs, a 30 percent reduction in all in costs, a two-thirds reduction in overhead expenditure, a one-third reduction in debt, and the successful completion of two new mining projects, the company said.

"Productivity over the five years increased by 26 percent, from 7.66 ounces per total employee costed in 2012 to 9.66 ounces ... in 2017," it added.

"This was all achieved while setting new benchmarks for safety performance and environmental stewardship, and without the issue of equity thereby avoiding dilution to shareholders."

African News Agency

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