AngloGold CEO Dushnisky Stepping Down After Just Two Years
AngloGold CEO Dushnisky Stepping Down After Just Two Years
AngloGold Ashanti Ltd. Chief Executive Officer Kelvin Dushnisky will step down after just two years, as the coronavirus pandemic makes it more difficult for him juggle his role in Johannesburg with seeing his family in Toronto.
AngloGold hired Dushnisky from Barrick Gold Corp. to steer a new growth path. Since then, he has struck deals to sell mines in South Africa and Mali, while focusing on the company’s most profitable operations in Africa, Australia and the Americas. Dushnisky said in February he would consider moving the miner’s primary listing from Johannesburg as AngloGold exits South African mining.
“It’s unfortunate for the company, because Kelvin was starting to deliver on his strategy and things were coming together nicely under his leadership,” said Arnold Van Graan, an analyst at Nedbank Ltd. “It’s quite an untimely departure.”
Dushnisky will step down on Sept. 1, but will work with AngloGold from Toronto until Feb. 28 to ensure a smooth handover. The No. 3 gold miner has appointed Chief Financial Officer Christine Ramon as interim CEO while it searches for a replacement.
AngloGold fell 2.8% in Johannesburg trading, erasing earlier gains. The shares have risen fivefold since Dushnisky’s arrival as the price of gold soared.
“Kelvin’s resignation was a personal decision, mainly to be closer to his family in Toronto during a time when international travel is more difficult,” AngloGold said in an emailed statement.
Tremendous Progress
His interim replacement Ramon was previously CFO of Sasol Ltd. and CEO of Johnnic Holdings. Ian Kramer, currently senior vice president: group finance, will become interim CFO.
“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 in a statement.
The 56 year-old’s abrupt departure comes after South Africa’s Public Investment Corp. pressured AngloGold’s board to take action after Dushnisky repaid an $800,000 bonus from when he joined the miner. The state pension manager owns more than 11% of AngloGold.
Dushnisky’s departure isn’t related to the bonus, AngloGold said.
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