AngloGold Ashanti searches for new CEO

Even before the departure of its Chief Executive Officer (CEO), AngloGold Ashanti has begun the search for a new Head to succeed Srinivasan Venkatakrishnan.

MrVenkatakrishnan after 18 years with the company, with the last five years as CEO, resigned from his post last Monday after accepting an offer to become CEO of Vedanta Resources Plc, the diversified resources group.

He will, however, remain in his current role as CEO of AngloGold Ashanti until August 30, 2018.

The mining giant announced Tuesday, April 17, 2018, that 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”, it stated in a statement.

Commenting on the search and AngloGold Ashanti’s strategy, Chairman Sipho Pityana said: “We remain steadfast in our commitment to building a self-sustaining gold company in a disciplined fashion, with tight capital control, uncompromising focus on the creation of long-term value and the highest ethical standards. 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.”

Mr. Venkatakrishnan 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 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, successful completion of two new mining projects, and five consecutive years of either meeting or beating its market guidance metrics.

Productivity over the five years increased by 26 percent and 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.

Commenting on his departure, Mr. Venkatakrishnan said “It has been a singular honour to lead a world class team at AngloGold Ashanti over the past five years. 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.”

AngloGold Ashanti is the third biggest gold mining firm in the world with concession at Obuasi in the Ashanti region and Iduapreim in the Western region.