AngloGold Ashanti (AU,AGD.L) Tuesday said Richard Duffy would be appointed Chief Financial Officer of the company on June 1, to take over from Srinivasan Venkatakrishnan following his recent appointment as Chief Executive Officer.
Duffy will also be appointed as an executive director of the company on June 1. The global search for a CFO announced on May 8 will continue, to find a successor to Duffy in due course, the miner added.
Duffy has 25 years of global mining industry experience, initially with Anglo American, from 1987, and then with AngloGold Ashanti, from its inception in 1998.
At AngloGold Ashanti, he was appointed Executive Officer: Business Planning in 2004 during which time he also deputised for the CFO.
From 2004 to 2008, Duffy was Executive Vice President: Business Development, accountable for mergers and acquisition activities as well as greenfields exploration. He was appointed as ExecutiveVice President: Africa in June 2008 and Executive Vice President: Continental Africa in February 2010.
Additionally, in a separate statement, the firm 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 new structure brings the company's operations under a joint Chief Operating Officer model, whilst offering the Chief Executive Officer strong technical support in his focus on key business imperatives.
It 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. The new structure fills the CFO role from within the current Executive Committee, while initiating succession planning for this role.
It also removes duplication and overlap across the company to ensure better efficiency and reduced costs.
The Executive Committee restructuring now underway will see the CEO lead a team of nine executives, which was 12 previously.
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