Economy

AngloGold Ashanti CEO resigns

AngloGold Ashanti CEO resigns”

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

Venkatakrishnan, known in the industry as Venkat, the 53-year-old Chennai-born, former Deloitte restructuring specialist in London has been CEO of the South African gold miner since 2013, stepping up from finance director of what is the world's third-largest gold producer.

He will remain in his current role until August 30.

Albanese, a former chief executive of rival Rio Tinto, returned to the USA after his three-year contract, which was extended by five months, expired at the end of August.

Venkat assumed the role of CEO in May 2013, soon after the gold price fell by almost a third. "It is the Board's intention that a successor will have been identified before Venkat's departure", the group said in a statement.

"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.

It was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation.

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.

He highlighted Venkatakrishnan's strong track record managing a complex portfolio of operating assets and projects across Africa, his ability to deliver operating and financial improvements, without ignoring sustainability.

"Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team", he said.

Venkat is a qualified Chartered Accountant who holds a Bachelor's degree from the University of Madras.



Like this

Latest


16 April 2018
Salman Khan Nails A Backflip In This Throwback Video From Sultan Sets
Mumbai: Filmmaker Ali Abbas Zafar who directed Salman Khan in Sultan took to Twitter on Sunday to share a throwback video. Now, moving onto their third project together titled Bharat , Ali Abbas Zafar is pumped about their film.

16 April 2018
As of May, 1 Assurant, Inc. (AIZ) Analysts See $1.92 EPS
The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.25. (NYSE:NOW) for 148,770 shares. Dmitry Balyasny decreased its stake in Assurant Inc ( AIZ ) by 89.35% based on its latest 2017Q4 regulatory filing with the SEC.

16 April 2018
Hanover Insurance Group, Inc. (THG) Holding Grow by Thrivent Financial for Lutherans
ValuEngine cut shares of Hanover Insurance Group from a "buy" rating to a "hold" rating in a research note on Monday, April 2nd. JMP Securities reaffirmed a "buy" rating on shares of The Hanover Insurance Group in a research report on Friday, November 4th.

16 April 2018
Four elephants hit by goods train in Odisha, die in spot
Bhubaneswar: Four wild elephants were killed after a train hit them on a railway track in Odisha's Jharsuguda district on Monday. Besides, some trains, including Tapaswini Express and Bokaro-Alleppey Express were stranded at Jharsuguda station.

16 April 2018
Woman in her 30s stabbed to death in Brixton
Both women were taken to hospitals with non-life threatening injuries.According to the Pinellas County Sheri. Officers were called to a residential address in Sudbourne Road, Brixton, at around 6.36pm on Sunday.

16 April 2018
Anthony Joshua beats Tyson Fury hands down; Deontay Wilder tougher: Wladimir Klitschko
Hearn said: 'Whether that fight happens next or the fight after depends exclusively on the Americans. But Klitschko expects Joshua to have to step up once again to deal with the even speedier Wilder.

16 April 2018
Analysts Expect Altria Group Inc (MO) to Post $0.94 EPS
The company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.80 by $0.11. It is negative, as 39 investors sold CRM shares while 274 reduced holdings. 59 funds opened positions while 257 raised stakes.

16 April 2018
Special Status row: Statewide bandh in Andhra Pradesh
A Motorcycle has been set ablaze near RTC bus stand in Tirupati during the statewide bandh in Andhra Pradesh. Reacting to this, the YSRCP accused the chief minister of adopting "double standards".

16 April 2018
Salman Khan's Bigg Boss 12 theme revealed!
Salman has contributed a lot to Bigg Boss by actively engaging with the contestants during the Weekend Ka Vaar episodes. Pushkar Jog started his career as child artiste in the Hindi films like Hum Dono, Aisi Bhi Kya Jaldi Hai and Aazmaish.

16 April 2018
Rising Star 2 finale: Hemant Brijwasi wins title as well as hearts
Rising Star 2 was one of the most loved shows on the small screen, all thanks to the wonderful and talented contestants. For the finale act, he put up a soul-stirring act crooning "Alvida" from Life in a Metro, that got him 85 percent vote.