Vedanta Names South African Miner AngloGold Ashanti's CEO To Top Job

Evarado Alatorre
Abril 17, 2018

SRINIVASAN Venkatakrishnan has resigned as Chief Executive Officer of AngloGold Ashanti to take a similar role at Vedanta Resources.

He will join the board of the Indian diversified miner on 31 August, taking over at the tiller from Kuldip Kaura, the current interim CEO.

Venkatakrishnan, known in the industry as Venkat, the 53-year-old Chennai-born, former Deloitte restructuring specialist in London has been CEO of the South African gold miner since 2013, stepping up from finance director of what is the world's third-largest gold producer.

Kaura was named as Vedanta's interim CEO in August as the company hunted for a new head to replace Tom Albanese, who was asked to delay his departure by five months.

Venkat assumed the role of CEO in May 2013.

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It was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation.

Anil Agarwal, the chairman of Vedanta, called Venkatakrishnan a "widely respected" business leader in the global resources sector with experience in the UK, Africa, Australia, South America and India.

He also has a strong track record of managing complex portfolio of operating assets and projects across Africa. He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability.

Under Venkatakrishnan's leadership, AngloGold has reduced its so-called all-in sustaining costs by 16% and cut debt by one-third, the company said.

Shares of Vedanta Limited was last trading in BSE at Rs.290.4 as compared to the previous close of Rs. 291.9.

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