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A succession plan to choose who will carry on Srinivasan Venkatakrishnan's work at the world's third-biggest gold miner, AngloGold Ashanti, is already under way.
CEO Venkatakrishnan, who will leave the group at the end of August to take the helm at Vedanta Resources, is leaving behind a miner that is now well positioned to survive low commodity cycles and maintain reasonable capital allocation.
In his five-year tenure as CEO, Venkatakrishnan reduced AngloGold's $3.7-billion (about R44-billion) to total debt of $2.2-billion according to Bloomberg data. He has also improved cash flow and been prudent with capital allocation.
The new CEO must be able to carry on the good work that Venkatakrishnan had done, said AngloGold chairman Sipho Pityana this week.
"We want someone with an appreciation of our strategic focus, disciplined capital allocation and management, ensuring that we are a self-sustaining gold mining company and that we build and create more value for our shareholders," Pity...
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