Vedanta Resources to get new CEO

Elias Hubbard
April 16, 2018

AngloGold Ashanti said it's started looking for a new chief executive officer after Srinivasan Venkatakrishnan resigned to become CEO of Vedanta Resources.

Venkatakrishnan's appointment comes as a rebound in metals prices has prompted the miner to expand production of zinc and aluminium, enabling it to continue its recovery after being particularly hard hit by the commodities slump that ended in 2016.

Venkatakrishnan, who takes over from interim CEO Kuldip Kaura, will leave AngloGold [JSE:ANG] on August 30 and join Vedanta a day later, the companies said in separate statements Monday.

Venkatakrishnan has been the CEO of AngloGold Ashanti Limited, the world's largest emerging market gold producer. However, shares of the company feel almost 34 percent in the period.

Shares in Vedanta fell nearly 20 percent while Albanese held the top job and have moved down about 3 percent since his departure.

Venkat, 53, will assume the new role effective August 31, the company said in a statement.

Chairperson Sipho Pityana hailed the outgoing CEO for creating a culture of accountability within the mining firm, stating that a search was underway for his replacement. "Venkat brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India". Not long after starting he had to perform a sharp U-turn on a proposed strategic split, with the board's plans to spin off assets outside South Africa into a London-listed company quickly blocked by shareholder opposition to the $2bn rights issue.

"He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability".

"Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team", he said.

Other reports by Click Lancashire

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