AngloGold Ashanti CEO Srinivasan Venkatakrishnan, the highly respected head of the world’s third-largest gold miner, has resigned to join India’s diversified miner Vedanta Resources as its CEO.
AngloGold has launched a search for a new CEO after Venkatakrishnan’s departure at the end of August.
"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," said chairman Sipho Pityana.
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. The company also added two large new mining projects to the portfolio.
"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. The company has an excellent portfolio of assets, exciting new opportunities and a strong, deep bench of talent that will take it forward under its new leadership," Venkatakrishnan said.
"We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO," said Vendata chairman Anil Agarwal, referring to Venkatakrishnan by his nickname.
"Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India. He also has a strong track record managing a complex portfolio of operating assets and projects across Africa," he said.