The world's third largest gold producer AngloGold Ashanti has appointed Srinivasan Venkatakrishnan as its new chief executive, the company announced Wednesday. Venkatakrishnan, also known as Venkat, had been the South African company's chief financial officer for nine years. He replaces Mark Cutifani at a tough time for the sector in South Africa, with looming labour unrest and competitiveness in question.
"We will build on the good work done over the years in order to realise the value inherent in our portfolio, while placing a sharp focus on returns, margins and free cashflow," Venkatakrishnan said in a statement. The Johannesburg headquartered company has twenty operations on four continents, including Brazil, Ghana and Australia. In 2012 it produced 3.9 million ounces of gold. AngloGold Ashanti is listed on the Johannesburg Stock Exchange (JSE), London and in Ghana.