23 July 2018

South Africa: Anglogold Ashanti Appoints New CEO

AngloGold Ashanti has announced a replacement for its outgoing CEO and executive director Srinivasan Venkatakrishnan.

In a statement on Monday, the international gold mining company announced the appointment of Kelvin Dushnisky as CEO and an executive director, effective 1 September 2018.

Dushnisky is replacing Venkatakrishnan (Venkat), who departs at the end of August 2018 for a role at London-based Vedanta Resources. Venkat will also cease to be a member of AngloGold Ashanti's board with effect from 31 August 2018.

Venkat, who had been with AngloGold Ashanti for 18 years, spending the last five as a largely successful CEO, resigned in April.

AngloGold Ashanti chairperson Sipho Pityana said Dushnisky's appointment follows an "extremely competitive global search".

Dushnisky, who was president and executive director of Barrick Gold Corporation, will relocate to Johannesburg, home of AngloGold Ashanti.

Pityana said Dushnisky "brings to us an impeccable set of values, a deep understanding of operating a large, complex global portfolio of mining assets and projects, and a keen familiarity of an evolving geopolitical landscape".

"He will head a strong, cohesive team committed to executing AngloGold Ashanti's strategy of sustainably improving returns, through disciplined capital allocation," Pityana added.

Since his appointment as president of Barrick in 2015, Dushnisky held direct responsibility for Barrick's overall business and the execution of its operating plans and strategic priorities. This role included oversight of Barrick's activities across Australia, Africa, the Middle East, North America and South America.

He also held responsibility for Barrick's relationships with host governments, local communities and other external stakeholders.

Before this Dushnisky held a range of progressively senior positions at Barrick since joining in 2002, according to the statement.

Dushnisky holds a B.Sc. (Hon.) degree from the University of Manitoba and M.Sc. and J.D. degrees from the University of British Columbia. He is a member of the Law Society of British Columbia, the Canadian Bar Association, the Business Council of Canada, the Institute of the Americas, the Canadian Council for the Americas (Vice-Chair) and the Canadian Chamber of Commerce.

While at Barrick, Dushnisky represented the company at the World Gold Council and the International Council on Mining and Metals (ICMM). He is a member of the International Advisory Board of the Shanghai Gold Exchange and the Accenture Global Mining Executive Council.

Dushnisky said he felt honoured and excited to "unlock the enormous potential that exists" in AngloGold Ashanti.

"AngloGold Ashanti has a strong portfolio of assets and an exciting pipeline of organic growth opportunities," he said.

AngloGold Ashanti's share price jumped on the news, reaching an intra-day high of R108.31 before retreating to trade at R107.33 (+0.31%) by 14:32 on the JSE.

Fin24

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