AngloGold Ashanti Ltd. said it’s started looking for a new chief executive officer after Srinivasan Venkatakrishnan resigned to become CEO of Vedanta Resources Plc.
Venkatakrishnan will leave the Johannesburg-based miner at the end of August, AngloGold said in a statement Monday. He’s been at the company for 18 years, including five as CEO.
AngloGold last year announced plans to halve its South African production by selling mines in an effort to stem losses in its home country, where aging infrastructure, reserve depletion and accidents have raised costs and reduced production.
Under Venkatakrishnan’s leadership, AngloGold has reduced its so-called all-in sustaining costs by 16 percent and cut debt by one third, the company said Monday.