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World's third-biggest gold producer AngloGold Ashanti appoints Srinivasan Venkatakrishnan as CEO

Wednesday, 8 May 2013 - 10:42pm IST | Place: Johannesburg | Agency: PTI
Shortly after the merger, he became Chief Financial Officer of the combined entity and joined the board in 2005.

Yet another Indian has been appointed as the chief executive of a global company, with Srinivasan Venkatakrishna all set to head AngloGold Ashanti, the world's third-biggest gold producer.

Venkatakrishnan was today appointed as the new chief executive of AngloGold Ashanti, a day after India-born Ivan Menezes was named as the next boss of Diageo - the world's biggest producer of alcoholic drinks.

With his new role, Venkatakrishnan now joins the likes of Indra Nooyi, Ajay Banga and Rakesh Kapoor as Indian-origin chief executives of Fortune 500 companies.

Venkatakrishnan, widely known as Venkat, has been with the South African gold major for nine years.

Venkat, the Johannesburg headquartered company's current finance head, replaces Mark Cutifani who quit last month.

AngloGold Ashanti, which produced 3.944 million ounces of gold in 2012 and generated USD 6.35 billion in income, is a global gold mining company with 20 operations on four continents.

"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.

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