He is to be replaced by Kelvin Dushnisky who is President and Executive Director of Barrick Gold Corporation, after an extremely competitive global search.
In a statement to stakeholders, the international gold mining company announced the appointment of Kelvin Dushnisky as CEO and an executive director, effective 1 September 2018.
Venkatakrishnan (Venkat), departs at the end of August 2018 for a role at London-based Vedanta Resources, the largest global diversified metals and mining company, headquartered in London.
This means that Venkat, who had been with AngloGold Ashanti for 18 years, ceases to be executive director of the mining firm and part of the board effective August 31, 2018.
Mr. Dushnisky, who is the President and Executive Director of Barrick Gold Corporation, according to AngloGold will relocate to Johannesburg, home of AngloGold Ashanti.
He was appointed as the boss of Barrick in 2015 with direct responsibility for Barrick’s overall business and the execution of its operating plans and strategic priorities which included oversight of Barrick’s activities across Australia, Africa, the Middle East, North America and Southern America.
Again Mr. Dushnisky, also held responsibility for Barrick’s relationships with host governments, local communities and other external stakeholders but before his appointment as the President of the company, he held a range of progressively senior positions at Barrick, a company he joined in 2002, the statement said.
The new boss of AngloGold Ashanti, holds a B.Sc. (Hon.) degree from the University of Manitoba and M.Sc. and J.D. degrees from the University of British Columbia.
He is a member of the Law Society of British Columbia, the Canadian Bar Association, the Business Council of Canada, and the Institute of the Americas, the Canadian Council for the Americas (Vice-Chair) and the Canadian Chamber of Commerce.
Joy Business understands Srinivasan Venkatakrishnan resigned from his post on April 16 after accepting the offer to become the CEO of Vedanta Resources Plc.
This triggered the search for a new CEO for the mining giant AngloGold which has two operation in Ghana Tarkwa and Obuasi mines which is currently under maintenance care but readies to begin operations.
Speaking to journalist in South African capital Johannesburg, home of AngloGold Ashanti the Chairman of the board of AngloGold Ashanti Sipho Pityana said Venkat is leaving huge shoes which will be difficult to fill.
“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 is glad to report that our 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 has given us the right man to fill the shoes of Vankat.”
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.
AngloGold Ashanti is the third biggest gold mining firm in the world with concession at Obuasi in the Ashanti region and Iduapreim at Tarkwa in the Western region.