JOHANNESBURG (miningweekly.com) – AngloGold Ashanti has announced the appointment of Srinivasan Venkatakrishnan (Venkat) as CEO, effective immediately.
He has been holding the position of joint interim CEO of the company, alongside Tony O’Neill, following the departure of former CEO Mark Cutifani at the start of April.
Venkat, who has been with AngloGold Ashanti for nine years, was CFO of Ashanti Goldfields until that company’s merger with AngloGold Limited in May 2004, creating what is now AngloGold Ashanti.
Shortly after the merger, he became CFO of the combined entity and joined the board in 2005. He would also remain CFO until further notice.
Venkat had also previously been a director of corporate reorganisation services at Deloitte & Touche, in London.
AngloGold Ashanti said Venkat had “extensive knowledge” of the company and its international portfolio of assets, as well as significant financial and capital markets expertise.
In his role as CFO, he had overseen the funding of all AngloGold Ashanti’s operating activities, giving him a detailed knowledge of all its mines and operating jurisdictions.
He was responsible for the elimination of a 12-million-ounce hedge book, generating significant value for the company and was the key executive behind rebuilding the balance sheet through a series of successful debt financings, which introduced long- term tenor and more favourable funding terms to the company’s credit profile.
“We are extremely pleased to have an executive of Venkat’s calibre to lead AngloGold Ashanti through the next phase of its development,” AngloGold Ashanti chairperson Tito Mboweni commented.
“He will enjoy my personal support and the full support of the board as he brings his extensive experience to complement the impressive depth of our operating and strategic talent.”
Venkat added that he would build on the good work done over the years to realise the value inherent in the company’s portfolio, while placing a sharp focus on returns, margins and free cash flow.
Additional detail on the progress made with respect to AngloGold Ashanti’s near- term operational objectives, outlined in February, would be provided at the presentation of the company’s first-quarter results on May 13.
Venkat will work with his executive team in the coming months to define the company’s approach to realising value for shareholders.
O’Neill would remain an executive director on the board and revert to his role as executive VP of business and technical development, while a global search for a new CFO had been initiated.