Mining company AngloGold Ashanti said on Monday its Chief Executive Officer Srinivasan Venkatakrishnan had resigned, after accepting an offer to become CEO at diversified resources group Vedanta.
It said Venkatakrishnan, who spent 18 years with the AngloGold, with the last five years as CEO, would remain in his current role until August 30, 2018.
“A global search for the new CEO is underway, with a sub-committee of the Board formed to evaluate internal and external candidates. It is the Board’s intention that a successor will have been identified before Venkat’s departure,” the group said in a statement.
Venkatakrishnan assumed the role of AngloGold Ashanti CEO in May 2013, soon after the gold price fell by nearly a third.
Under his leadership, AngloGold Ashanti achieved a 16% reduction in all-in sustaining costs, a 30% reduction in all in costs, a two-thirds reduction in overhead expenditure, a one-third reduction in debt, and the successful completion of two new mining projects, the company said.
“Productivity over the five years increased by 26%, from 7.66 ounces per total employee costed in 2012 to 9.66 ounces in 2017,” it added.
“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.”