Surprise as AngloGold CEO quits


Surprise as AngloGold CEO quits

Published Date: 2020-07-31 | Source: Stephen Gunnion | Author: Stephen Gunnion

Surprise as AngloGold CEO quits

The gold mining company gave no reason for Kelvin Dushnisky leaving on 1 September after two years at the helm.

AngloGold Ashanti says CEO Kelvin Dushnisky will leave the group on 1 September, two years after taking the top job at the gold producer. Chief financial officer (CFO) Christine Ramon will take over as interim CEO while it searches for a permanent replacement.

Dushnisky, previously president and executive director of rival Barrick Gold, took over as CEO on 1 September 2018, replacing Srinivasan Venkatakrishnan, who left to take up the CEO post at Vedanta Resources. The company said Dushnisky would be available to assist with a smooth handover until the end of February next year, without giving a reason for the sudden resignation.

AngloGold said he left the company in solid shape, with robust cash flows aiding ongoing debt reduction. The quality of its portfolio of mines across the globe continued to improve, with the agreed sale of its remaining SA assets to Harmony Gold Mining in progress, the Obuasi Redevelopment Project in Ghana ramping up to full production, its two high-quality Colombia projects progressing through feasibility-study stage, and initiatives to increase reserve life at key assets progressing well.

Ramon, who joined as an executive director and a member of AngloGold's executive management team six years ago, was CFO at Sasol from 2006 to 2013 after having served as CEO of media group Johnnic Holdings. Ian Kramer, senior vice president for group finance, would take over as interim CFO during the transition period, it said.

AngloGold Ashanti's shares fell 2.8% to R586 yesterday, in line with the JSE's Gold Mining Index as the gold price retreated over 1%.

Similar Stories