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AngloGold Ashanti CEO Kelvin Dushnisky steps down

Dushnisky says he has enjoyed his tenure and the challenge of running AngloGold, during which time he streamlined the firm’s asset base

AngloGold Ashanti’s chief executive officer, Kelvin Dushnisky, will step down on 1 September, the company said on Thursday, without giving a reason for the change. He will remain available to assist the group with a smooth handover until 28 February 2021.

Dushnisky has spent just two years in the role as the chief executive officer. The current chief financial officer, Christine Ramon, has been appointed interim chief executive officer.

Sipho Pityana, chairman of AngloGold Ashanti, said: “I would like to thank Kelvin for his role in advancing our strategy, and wish him the very best for the future.

“AngloGold Ashanti is well positioned to further improve returns for shareholders, through improved operational performance and our rigorous approach to capital allocation.”

Dushnisky leaves AngloGold Ashanti in solid shape, with robust cash flows aiding ongoing debt reduction. Te quality of the portfolio continues to improve, with the agreed sale of the South African assets in progress, the Obuasi Redevelopment Project ramping up to full production, the two high-quality Colombia projects progressing through a feasibility -study stage, and initiatives to increase reserve life at key assets progressing well.

“I’ve enjoyed the challenge of leading AngloGold Ashanti over these past two years, during which time we’ve made tremendous progress on many fronts, from safety to effective capital deployment and streamlining the asset base, all while continuing to deliver strong returns,” Dushnisky said.

“I’d like to thank my executive team and employees across the business for their hard work and dedication, and the board for its support.”

Other appointments

While the CFO, Christine Ramon, serves as interim CEO, the board is embarking on a comprehensive recruitment process to find a new chief executive to deliver on the AngloGold Ashanti Group’s strategy for enhanced value creation.

Ramon will assume the role on 1 September 2020.

She brings extensive experience and knowledge of the business to the role. A chartered accountant, she has been an executive director on AngloGold Ashanti’s board and a member of its executive management team for the past six years.

Before that, Ramon held senior management and executive positions in various companies, including CFO at the South African energy and chemicals major Sasol from 2006 to 2013, after serving as CEO of Johnnic Holdings.

Ian Kramer, currently senior vice-president in charge of group finance, will assume the role of interim CFO for the duration of the transition.

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