Vedanta Resources plc ("Vedanta") is pleased to announce the appointment of Srinivasan Venkatakrishnan (Venkat) as Chief Executive Officer (CEO) and a member of the Board of Directors, effective 31 August 2018. He succeeds Kuldip Kaura, the current Interim CEO.
Since 2013, Venkat (53) has been CEO of AngloGold Ashanti Limited, the world's largest emerging market gold producer. Between 2005 and 2013, he was AngloGold Ashanti's Chief Financial Officer and prior to this, he was CFO of London-listed Ashanti Goldfields Limited.
Anil Agarwal, Chairman of Vedanta, said: "We have gone through a very thorough search process and are delighted to invite Venkat to join Vedanta in the position of CEO. Venkat is a widely respected business leader in the global resources space, who brings to Vedanta an impressive set of values and a wealth of experience in corporate and other roles in the UK, Africa, Australia, South America and India. He also has a strong track record managing a complex portfolio of operating assets and projects across Africa. He has proved his ability to deliver significant operating and financial improvements, while also ensuring important advances in sustainability. The team at Vedanta and I are very much looking forward to working with him. We are grateful to Kuldip Kaura for his support during the interim period; he will continue as interim CEO until Venkat joins. "
Srinivasan Venkatakrishnan said: "Vedanta has an outstanding reputation as a global, diversified resources business with world-class assets and an exceptional team. I'm honoured to be working with the Chairman, Anil Agarwal, and the Board in leading the next phase of the Group's development. My initial focus will be to ensure continued operational excellence, efficient cost management and capital discipline across the portfolio, while continuing to drive improvements to the overall sustainability performance of the business, thereby creating long-term value for all stakeholders."
There is no further information to be disclosed in accordance with paragraph 9.6.13 of the Listing Rules of the UK Listing Authority.
Venkat's compensation package will be in accordance with the Company's approved Remuneration Policy and broadly in line with that received by our previous Chief Executive. The details will be fully disclosed in our 2018 Annual Report.
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Srinivasan Venkatakrishnan (Venkat) has been CEO of Johannesburg-based AngloGold Ashanti Limited, the world's largest emerging market gold producer, with 14 mining and processing operations in nine countries. During his tenure, he has had significant success, delivering major projects on time and on budget improving productivity, strengthening the balance sheet, reducing operating and overhead costs, and improving overall safety and sustainability performance.
Prior to his appointment as CEO in May 2013, Venkat was AngloGold Ashanti's Chief Financial Officer, a post he held since 2005. Before that, between 2000 and 2004, he was CFO of London-listed Ashanti Goldfields Limited. Venkat has accumulated extensive experience throughout his career in the UK, India, Africa, Australia and South America. He is a qualified Chartered Accountant who holds a Bachelor's degree from the University of Madras.
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