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.

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