Millennium Post

PIO named world’s 3rd largest gold firm’s CEO

Indian-origin Srinivasan Venkatakrishnan was on Wednesday appointed as the new chief executive of South Africa's AngloGold Ashanti to lead the world's third-biggest gold producer's next phase of development.

Venkatakrishnan, widely known as Venkat, has been with the Johannesburg headquartered company for nine years. Venkat, the company's current finance head, replaces Mark Cutifani who quit last month.

'We're extremely pleased to have an executive of Venkatakrishnan's calibre to lead AngloGold Ashanti through the next phase of its development,' AngloGold Ashanti Chairman Tito Mboweni said in a statement.

'Venkat 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 was the chief financial officer at 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 chief financial officer of the combined entity and joined the board in 2005. He holds associate chartered accountant degree from Universidad Pontificia Comillas de Madrid.

'We will build on the good work done over the years in order to realise the value inherent in our portfolio, while placing a sharp focus on returns, margins and free cashflow,' Venkat said.

Venkat will also remain CFO of AngloGold Ashanti until further notice, the company said.

AngloGold Ashanti is a global gold mining company and has 20 operations on four continents.

AngloGold Ashanti produced 3.944 million ounces of gold in 2012, generating $6.35 billion in gold income, according to figuers published on the company website.
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