Vedanta is a London Stock Exchange-listed, diversified natural resources firm, with interests zinc, lead, silver, copper, iron ore, aluminium as well as oil and gas.
Speaking on behalf of the board of AngloGold, Chairperson, Sipho Pityana, sung praises for Venkatakrishnan, specially for creating a culture of accountability within the mining firm, stating that a search was underway for his replacement.
Pityana explained, “He has embedded a culture of consistency and accountability in the business, and has created the ability for the company to thrive in a range of market conditions.”
Venkatakrishnan oversaw the turnaround of AngloGold Ashanti mainly: a 16% reduction in all-in sustaining costs, a 30% reduction in all in costs, and productivity over the five years increased by 26%.
AngloGold’s statement, “This was all achieved whilst setting new benchmarks for safety performance and environmental stewardship, and without the issue of equity thereby avoiding dilution to shareholders.”
Venkatakrishnan, also known as Venkat, has had an eighteen year old stint with AngloGold, the last five of which he served CEO.
Meanwhile, Venkatakrishnan will remain in his current position until August 30 2018.