Srinivasan Venkatakrishnan, has resigned from his position as AngloGold Ashanti’s Chief Executive Officer to take up the same position at diversified resource group, Vedanta.
Since March 2017, Vedanta resources, the miner controlled by Indian metals tycoon Anil Agarwal, has been searching for a new CEO after its former CEO Tom Albanese resigned to spend more time with his family.
“We have gone through a very thorough search process and are very delighted to invite Venkat to join Vedanta as CEO,” Agarwal said. “Venkat is a widely respected business leader in the global resource space, who brings to Vedanta an impressive set of values in corporate and other roles. He also has a strong track record managing a complex portfolio of operating assets and projects across Africa.”
This is a surprise appointment because some industry analysts have assumed Vedanta would struggle to attract a high calibre candidate following Agarwal’s 20 percent interest as the Anglo-American Plc’s biggest shareholder.
Venkatakrishnan, who has been CEO for 5 years in the 18 years of his stay at the third-largest gold mining company in the world when measured by production, will resume his new position on later this year on 30th August.
In 2013, Venkatakrishnan assumed the role of CEO in AngloGold Ashanti after the price of gold fell. Under his leadership, AngloGold achieved a 16 percent reduction of all in house sustaining cost, a two-thirds reduction in overhead expenditure, a one-third debt reduction and a successful completion of two new mining projects.
Although in the past year, AngloGold’s share has dropped by 37 percent and is now worth $3.8 billion, the company stated on its website that productivity increased by 26 percent over the 5 years period Venkat was CEO. What previously cost 7.66 per total employee in 2012, cost 9.66 as at 2017.