AngloGold Ashanti seeks new CEO

Srinivasan Venkatakrishnan has resigned as chief executive officer of AngloGold Ashanti after five years in the role and 18 years at the company.

Venkatakrishnan has accepted an offer to become the CEO of London-listed resources company, Vedanta. He will finish at AngloGold on August 30.

AngloGold, which owns the Sunrise Dam mine and 70 per cent of the Tropicana operation in Australia, has launched a global search for its next CEO.

It plans to identify a successor before the departure of Venkatakrishnan, who said it had been an honour to lead the company.

“Together, we have achieved a great deal by fostering a culture of respect, discipline and accountability throughout the organisation, in our effort to define a sustainable, long-term model for the gold industry,” he said.

“The company has an excellent portfolio of assets, exciting new opportunities and a strong, deep bench of talent that will take it forward under its new leadership.”

According to AngloGold, the company has achieved a 30 per cent reduction in all-in costs, a two-thirds reduction in overhead expenditure, a one-third reduction in debt, and successful completion of two mining projects during Venkatakrishnan’s time as CEO.

Sipho Pityana, AngloGold chairman, said the company remained steadfast in its commitment to building a self-sustaining gold company as it searched for a new leader.

“The board will search globally for a candidate 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,” Pityana said.