Published: Mon, April 16, 2018
Business | By Tara Barton

AngloGold Ashanti CEO resigns

AngloGold Ashanti CEO resigns

"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.

AngloGold Ashanti said it's started looking for a new chief executive officer after Srinivasan Venkatakrishnan resigned to become CEO of Vedanta Resources.

Anil Agarwal, the chairman of Vedanta, called Venkatakrishnan a "widely respected" business leader in the global resources sector with experience in the UK, Africa, Australia, South America and India.

Venkatakrishnan, who takes over from interim CEO Kuldip Kaura, will leave Johannesburg-based AngloGold on 30 August and join Vedanta a day later, the companies said in separate statements on Monday.

"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.

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Venkatakrishnan has been with AngloGold for 18 years, five of which as CEO, when he oversaw the extensive restructuring of the company's assets, particularly those in SA where the company has a single underground mine and a tailings retreatment operation.

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

Under his leadership, AngloGold Ashanti achieved a 16% reduction in all-in sustaining costs, a 30% reduction in all in costs. He has been a vocal supporter of South Africa, where Vedanta is set to begin production at its new Gamsberg zinc mine this year, and has argued that Anglo American should remain committed to its assets in the country.

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