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AngloGold announces executive leadership structure
AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa \ Reg. No. 1944/017354/06)
ISIN No. ZAE000043485 – JSE share code: ANG \ CUSIP: 035128206 – NYSE share code:
AU
Website: www.anglogoldashanti.com
News Release
21 May 2013
AngloGold Ashanti Announces Executive Leadership Structure
(ANGLOGOLD ASHANTI) – AngloGold Ashanti today announced changes to its executive
leadership team as a central part of its transition to streamline the business and deliver long-
term, sustainable value to stakeholders.
The Executive Committee structure is designed to ensure that the team is best positioned to
address the strategy and current imperatives of the company. Specifically, the new structure:
- Brings the Company’s operations under a joint Chief Operating Officer (“COO”)
model, whilst offering the Chief Executive Officer strong technical support in his focus
on key business imperatives;
- Clusters the Group’s operating regions under the two COOs , so that decision
making and integration is seamless, while maintaining strong technical checks and
governance oversight;
- Fills the Chief Financial Officer (“CFO”) role from within the current Executive
Committee, while initiating succession planning for this role; and
- Removes duplication and overlap across the company to ensure better efficiency and
reduced costs.
“The leadership team has worked hard to deliver a number of successes through challenging
times, and has reaffirmed its commitment to drive value creation in the business,” Chief
Executive Officer, Srinivasan Venkatakrishnan, known as Venkat, said. “This streamlined
structure plays to each individual’s strengths and better aligns our collective work so that we
can deliver on our objectives”.
The Executive Committee restructuring now underway will see the CEO lead a team of nine
executives (previously 12), structured as follows:
Operating and Technical Roles
- Mike O’Hare retains his leadership role of the South African operations as co-COO
with responsibility for AngloGold Ashanti’s three operating regions in South Africa
(West Wits, Vaal River and Surface Operations) and will continue to retain
accountability for the Company’s technology project in South Africa.
- Ron Largent takes on the role of co-COO, adding the Continental African operations
to his current Americas portfolio, with the addition of the Australian operations once
Tropicana completes its first gold pour later in the year. Mr. Largent will continue to
lead the team aimed at removing $500m from our operating cost base within an 18
month period.
- Graham Ehm will continue to lead the Australian business until Mr Largent takes
over the Sunrise Dam and Tropicana operations, and will work closely with Mr
Anthony O’Neill as he takes on the role of Executive Vice President (“EVP”) Planning
and Technical, which will include oversight over safety, business planning, asset
optimisation, capital investment optimisation and monitoring (including projects,
studies, and exploration), Project ONE, risk management and other technical
disciplines and related centres of excellence.
Corporate Roles
- David Noko continues in role as EVP Sustainable Development, with accountability
for environment, community, health, security and special projects. Mr Noko will
support the CEO and COO’s on matters relating to AngloGold Ashanti’s involvement
in industry institutions in South Africa and global institutions relating to sustainable
development.
- Charles Carter will transition the Colombia business to Mr Largent and will take on
the role of EVP Strategy and Business Development, with accountability for the
Group’s strategy, business development, corporate finance, investor relations,
communications and will also deputize for the CEO in his absence. Mr. Carter will
continue to work closely with Mr. Largent on the approach and strategy for the
company’s activities in Colombia
- Italia Boninelli continues in role as EVP People & Organisational Development, with
accountability for the company’s System for People, Human Resources, corporate
services and organisational redesign.
- Richard Duffy moves from his current Continental Africa role to take up the position
of CFO, with accountability for Financial Accounting, Management Accounting,
Treasury and balance sheet management, Group Taxation, and other financial
matters. In terms of the JSE Listings Requirements, Mr Duffy will also be appointed
as an executive director of the Company. Both appointments will be effective 1 June
2013. The global search for a CFO announced on 8 May 2013 will continue, to find a
successor to Mr Duffy in due course.
- Ria Sanz takes on the role of EVP and continues as Group General Counsel and
Company Secretary, with accountability for legal affairs, compliance, Company
Secretarial and integrated reporting.
- Yedwa Simelane becomes EVP Stakeholder Relations and Marketing, with
accountability for stakeholder and government relations, marketing and sustainability
reporting. Ms Simelane will also support the Chairman and CEO’s offices in relation
to government relations and the company’s involvement in multilateral organisations
and the World Gold Council.
Mr Michael MacFarlane, who held the role of EVP Strategy and Business Planning, has
decided to return to Canada to be with his family.
Mr. Anthony O’Neill, who acted as joint interim Chief Executive Officer with Venkat following
the departure of Mark Cutifani, remains on the Company’s Board as an Executive Director
and, as stated in our first quarter earnings release on 13 May 2013, will revert to his role as
EVP Business and Technical Development while assisting Mr. Ehm and Mr. Largent as they
transition into their new roles.
Commenting on changes underway, Venkat, said: “These leadership changes, which should
be completed by the third quarter, will ensure a seamless transition period as the business is
reorganised and management continues to act aggressively on its strategy to maximise
sustainable free cash flow from a high quality portfolio, while maintaining the integrity of the
business, which is especially important in these difficult times.”
“I would like to offer my sincere thanks to Tony O’Neill in particular for his help during this
transition. Tony has been a significant pillar of support and guidance to me personally as
well as to the broader team and he has led the technical, business development and
exploration teams with distinction over the past five years. Mike MacFarlane has pioneered
the new technology initiative in our South African business and has worked hard to set-up
the local team for future success, for which we are most grateful.”
About AngloGold Ashanti
AngloGold Ashanti is a global gold mining company and the world’s third largest gold
producer. Headquartered in Johannesburg, South Africa, AngloGold Ashanti has 20
operations on four continents and one of the gold industry’s most successful exploration
teams which work across both the established and new gold producing regions of the world.
This includes land positions in Colombia, Guinea and Australia, among others. AngloGold
Ashanti produced 3.944Moz of gold in 2012, generating $6.35bn in gold income. As at 31
December 2012, AngloGold Ashanti’s Ore Reserve totalled 74.1Moz.
The primary listing of the company’s ordinary shares is on the JSE Limited (JSE). Its
ordinary shares are also listed on stock exchanges in London and Ghana, as well as being
quoted in New York in the form of American Depositary Shares (ADSs), in Australia, in the
form of CHESS Depositary Interests (CDIs) and in Ghana, in the form of Ghanaian
Depositary Shares (GhDSs).
JSE Sponsor: UBS South Africa (Pty) Limited
ENDS
__________________________________________________________________________
Contacts
Media Tel: E-mail:
Alan Fine +27-11 637- 6383 / +27 (0) 83 250 0757 afine@anglogoldashanti.com
Chris Nthite +27 (0) 11 637 6388/+27 (0) 83 301 2481 cnthite@anglogoldashanti.com
Stewart Bailey +1 646 338 4337/ +1 212 858-7702 / +27 83 253 2021 sbailey@anglogoldashanti.com
General inquiries media@anglogoldashanti.com
Investors
Stewart Bailey +1 646 338 4337/ +1 212 858-7702 / +27 83 253 2021 sbailey@anglogoldashanti.com
Sabrina Brockman (US & Canada) +1 (212) 858 7702 / +1 646 379 2555 sbrockman@anglogoldashanti.com
Mike Bedford (UK & Europe) +44 779 497 7881 / +44 1225 93 8483 mbedford@anglogoldashanti.com
Fundisa Mgidi (South Africa) +27 11 6376763 / +27 82 821 5322 fmgidi@anglogoldashanti.com
General inquiries investors@anglogoldashanti.com
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those
concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and
other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s
operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of
commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions
and dispositions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and
consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking
statements regarding AngloGold Ashanti’s operations, economic performance and financial condition. These forward-looking
statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s
actual results, performance or achievements to differ materially from the anticipated results, performance or achievements
expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected
in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove
to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result
of, among other factors, changes in economic, social and political and market conditions, the success of business and
operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals,
fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and
operational risk management. For a discussion of such risk factors, refer to the document entitled “Risk factors related to
AngloGold Ashanti’s suite of 2012 reports” on the AngloGold Ashanti online corporate report website at www.aga-reports.com.
These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results to differ
materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have
material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking
statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except
to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold
Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. This communication may contain
certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in
managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the
reported operating results or cash flow from operations or any other measures of performance prepared in accordance with
IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may
use. AngloGold Ashanti posts information that is important to investors on the main page of its website at
www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors
should visit this website to obtain important information about AngloGold Ashanti.
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