The Chief Executive Officer of AngloGold Ashanti, Mark Cutifani has resigned, the Board announced.
The Board has accepted his resignation which takes effect March 31, 2013.
He will be joining Anglo American as its new CEO.
The Board of AngloGold Ashanti has therefore started the search for a new CEO.
54-year-old Cutifani, an Australian citizen was CEO of AngloGold Ashanti for five years, and during that period he is credited with the launch of AngloGold’s new strategy at the beginning of 2008. Safety is also said to have improved by some 70%, the hedge book has been eliminated and the balance sheet rebuilt, the operating performance of several key assets have been improved and key growth projects are scheduled to start production in the next 12 months, under his guidance.
The Board indicates that earnings before interest, tax, depreciation and amortisation almost tripled over that time, outpacing gains in the gold price.
He is also reported to have initiated a comprehensive business improvement and people-focused intervention – Project One – which continues to drive stability and improved performance across the business.
Effective March 3, 2013, Cutifani will start work as the new CEO of Anglo American. The company has already posted his photograph on its website.
Anglo American is one of the world’s largest mining companies. It mines the platinum group metals, diamonds, copper, nickel, iron ore, metallurgical and thermal coal.
AngloGold Ashanti was a merger of AngloGold and Ashanti Goldfields in 2004.
By Emmanuel K. Dogbevi