According the group, Mboweni’s decision to step down comes after a period of sustained improvement from AngloGold, which has rebased its cost structure due to a dramatically lower gold price.
“I leave AngloGold Ashanti as a fundamentally stronger, stable and focused business. It’s been a privilege to help establish such a firm foundation for the company alongside an accomplished executive team and an experienced board, all of whom continue to work diligently in the best interests of the business,” commented Mboweni in a statement.
Sipho Pityana, a non-executive director of AngloGold for seven years was elected unanimously by the group’s board of directors to succeed Mboweni as chairman.
“I am honoured to follow Mr Mboweni as chairman of AngloGold Ashanti. I will work closely with him over the coming months to ensure a seamless handover.” said Pityana.
Chief executive officer of AngloGold, Srinivasan Venkatakrishnan thanked Mboweni for his contribution to the group and added that he fully supports Pityana as the new chairman.
“Mr Mboweni has overseen the transition of leadership at AngloGold Ashanti during a challenging business environment “I’d like to thank him for his contribution to AngloGold Ashanti, and on behalf of the executive committee, wish him all success in his future endeavours,” added Venkatakrishnan.
“Mr. Pityana, in addition to leading our safety and sustainability focus on the Board with distinction has a deep understanding of all other aspects of the business. He is fully supportive of our strategy to generate growth in free cash flow as we continue to lift the company’s performance, and brings to the role considerable broad experience and vision. We look forward to working with Mr. Pityana in his new role as the Chairman of the Board”.