The Board of AngloGold Ashanti today announced the resignation of Chief Executive Officer Mark Cutifani, who has accepted an offer to become the Chief Executive Officer of Anglo American Plc, effective April 3. Mark will remain in the role of CEO of AngloGold Ashanti until March 31. The Board of Directors, under Chairman Tito Mboweni, has initiated a formal search for a new Chief Executive Officer of AngloGold Ashanti, in terms of which both internal and external candidates will be considered.
When Mark’s resignation becomes effective and until a new CEO has been appointed, the board has asked Chief Financial Officer Srinivasan Venkatakrishnan (Venkat) and Executive Vice President Business & Technical Development Tony O’Neill to act as joint interim Chief Executives, with Venkat responsible for all Finance and Corporate functions and Tony responsible for all Operations, Projects (including ERP and procurement) and Technical functions.

Both executives are well suited for their interim roles with strong track records at AngloGold Ashanti and in the mining industry. Venkat has held positions at AngloGold and Ashanti Goldfields since 2000 and has been Chief Financial Officer of AngloGold Ashanti since 2005. Tony, who will join the board of directors in coming weeks, joined AngloGold Ashanti in 2008 and has had an extensive career in mining since 1978. Both Venkat and Tony have indicated to the Board of Directors that they are not at this time intending to put themselves forward for the position of CEO. Commenting on Mark’s intended departure, Mr. Tito Mboweni, Chairman of the Board of Directors, said: “I would like to thank Mark for five years of inspirational leadership, during which time he transformed the business. Mark led a significant operations and financial turnaround with industry-leading returns, and built a leadership team with outstanding breadth and depth. I am indebted to Mark for successfully navigating many difficult aspects of the global business and for setting the company up for long-term success.”

Since the launch of AngloGold’s new strategy under Mark at the beginning of 2008, safety has improved by some 70%, the hedge book has been eliminated and the balance sheet rebuilt, the operating performance of several key assets have been improved and key growth projects are scheduled to start production in the next 12 months. Earnings before interest, tax, depreciation and amortisation almost tripled over that time, outpacing gains in the gold price. Mark also initiated a comprehensive business improvement and people-focused intervention – Project One – which continues to drive stability and improved performance across the business.
AngloGold Ashanti’s Board, its executive management team and employees would like to offer their heartfelt thanks to Mark for his significant contribution to the company and to wish him every success in his new role. Commenting on his intended departure, Mark said: “It’s been a privilege working with the Board and my colleagues to rebuild our operations and financial foundations and deliver industry-leading capital returns, whilst developing a project pipeline to deliver long-term sustainable value. But it’s the focus on people, the rebuilding of the management team and their delivery of significant safety, environment and community development improvements, that will help AngloGold Ashanti prosper in the long term.”

Backgrounds of Interim Co-Chief Executive Officers Srinivasan Venkatakrishnan and Tony O’Neill
Mr S Venkatakrishnan (Venkat) BCom, ACA (ICAI) Chief Financial Officer Venkat joined AngloGold Ashanti on 1 July 2004, having been Chief Financial Officer at Ashanti Goldfields Company Limited (Ashanti) until that company's merger with AngloGold Limited in May 2004. He was appointed to the board on 1 August 2005, is a member of the Executive, Risk and Information Integrity and Investment Committees and is invited to attend meetings of the Audit and Corporate Governance Committee. Venkat has extensive financial experience, having been a director in the reorganisation services division of Deloitte & Touche in London prior to joining Ashanti in 2000. Venkat is a member of the audit committee of the World Gold Council and has recently been appointed to the Financial Reporting Investigation Panel, an advisory panel of the JSE.
Venkat led the team that eliminated a 12Moz hedge book at an attractive average price, generating significant value for the company. He was also the key executive behind rebuilding the balance sheet through a series of successful and innovative financings that included debt, convertible debt and equity. His efforts to secure an international investment grade rating for AngloGold Ashanti and then to successfully defend that rating after a wave of industrial unrest in South Africa, have helped AngloGold Ashanti retain a competitive cost of capital. As the lead executive on all M&A activity, he has successfully negotiated a series of acquisitions and disposals, including the $1bn sale of the Boddington stake to Newmont and the sale of Tau Lekoa to Simmer & Jack. (Acquisitions have largely been bolt-on in nature and value accretive.)

Mr AM O’Neill BSc (Mining Engineering), MBA Executive Vice President – Business and Technical Development Tony O’Neill joined AngloGold Ashanti in July 2008 as Executive Vice President – Business and Technical Development, having consulted to the company prior to this on its asset portfolio strategy. He is a mining engineer with an MBA from the University of Melbourne. His extensive career in mining, predominantly in the gold sector, has spanned almost 35 years, including his previous role as executive in charge of operations at Newcrest Mining and before that as the executive in charge of the gold business of Western Mining Corporation. Tony is a recognised global business and technical expert in the mining industry. He has led the strategy development and delivery of significant turnarounds in large, complex and geographically diverse mining businesses; capitalising on his deep understanding of the resources sector, its inputs, and conditions for success. As Executive Vice President – Business & Technical Development for AngloGold Ashanti Ltd, Tony has had full accountability for a wide global portfolio ranging from Exploration, Innovation & Improvement, strategy, Mergers & Acquisitions, Asset Management, Business Knowledge & Information Technology, Supply Chain and Safety & Environment.