Johannesburg — Former SA Reserve Bank governor Tito Mboweni stepped down as chairman of AngloGold Ashanti on Monday, the company said.
"As a result of his increasing portfolio of professional commitments, Mboweni has decided not to stand for re-election as non-executive director at the annual general meeting to be held in May, 2014," the company said in a statement.
Mboweni said he had left the company fundamentally stronger, stable and focused.
"It's been a privilege to help establish such a firm foundation for the company alongside an accomplished executive team and an experienced board," Mboweni said.
The company wished him well in his future endeavours and thanked him for his service over the past four years.
Sipho Pityana was elected to replace him. Mboweni had agreed to work closely with the new chairman to ensure a smooth transition.
Pityana had been a non-executive director of AngloGold Ashanti for the past seven years. He was also chairman of the company's safety, health and environment committee.
"I am honoured to follow Mboweni as chairman of AngloGold Ashanti. I will work closely with him over the coming months to ensure a seamless hand-over," Pityana said.
Professor Wiseman Nkuhlu, who was chairman of the audit and corporate governance committee, would assume the new role of lead independent director of the board.