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AngloGold appoints Ramos as chair after Pityana resigns

‘Ramos brings to the role exceptional experience in leadership roles across both the private and public sectors.’
Image: Bloomberg

AngloGold Ashanti has appointed Maria Ramos as chairwoman to replace Sipho Pityana, who resigned just three months after Chief Executive Officer Kelvin Dushnisky quit.

Ramos, 61, is former CEO of South African bank Absa Group and previously served as director-general of the nation’s Treasury. She’s been a director at AngloGold since May 2019 and also sits on the board of Public Investment Corp., the continent’s largest money manager and one of miner’s top investors.

Read: How much Maria Ramos got paid on leaving Absa

“Ramos brings to the role exceptional experience in leadership roles across both the private and public sectors,” AngloGold said in a statement.

Ramos takes over as chairwoman of the world’s No. 3 gold miner six months after Pityana was re-elected to his position in June. That comes after Christine Ramon became interim CEO in September as Dushnisky quit two years into the job to be closer to his family in Toronto, according to AngloGold.

Under Dushnisky, AngloGold started to the sell mines in South Africa and Mali to focus on its most profitable assets in Africa, Australia and the Americas. Ramos and the board fully backs AngloGold’s strategic direction under Ramon, the miner said on Tuesday.

“Ramos’s strong South African connections, her having been a member of the board since May 2019, and messaging suggesting no change to strategy should help to allay concerns with this being the second unexpected leadership change at AngloGold in the past six months,” Tyler Broda, an analyst at RBC Capital Markets, said in a note.

AngloGold shares fell 3.1% in Johannesburg, paring this year’s gain to 5.2%.

AngloGold Ashanti share price over 5 years

Pityana, who became chairman in 2014 after seven years on the board, presided over a period during which AngloGold trimmed its debt and redeveloped the Obuasi mine in Ghana.

“Pityana’s resignation was made of his own volition,” an AngloGold spokesman said in emailed response to questions. The company has started searching for a permanent replacement for Dushnisky, he added.

© 2020 Bloomberg
Listen: Maria Ramos discusses Aharnessing digitalisation to finance a sustainable future, as co-chair of the UN secretary-general’s task force on digital finance 

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Exceptional experience – I don’t think so –

She’s politically connected full-stop!

Sickening. Avoid this stock. You saffers are quick to ridicule mining commie unions, and you have a point, but you also need to accept corporate SA is completely broken. Do not invest your peanuts in this clown show.

Political elite do not want this company to delist from the JSE.

The board has sold out the shareholders.

Excellent reason to sell the shares; curses I didn’t sell earlier and reinvest in a first world gold mining company. Hopefully she is just a cost and doesn’t actually try and do anything.

What a bloody joke, this civil servant????

Avoid this stock, the civil service culture will prevail.

When you appoint MARIA RAMOS…..

you know SA has NO leadership potential!

Same corporate BS as before and I’m sure to follow in future as well. The same rah-rah drivel was dished up in the media about cynthia carroll’s appointment. Due to her subsequent excellent management style I was retrenched, one will never know how close anglo came to collapse under her tenure, will we?

I find it somewhat disheartening that Moneyweb trounces our Constitution rights in a similar vein as as our ex President Jacob Zuma.

Seems like my post about Maria Ramos’s tenure at ABSA was tantamount to institutional destruction by ANC’fying the last bastion of Apartheid – Trust Bank, Volkskas Bank & United Bank!!!

Their purge of certain groups continues……not hearsay.

Another mess in the making.

I see a lot of unhappy readers.
Let measure this one:
Today R332.50, dropped 3.2%
Let’s measure again in 6 months and 1 year.

she ruined absa and will do the same at anglo . ever since she worked at absa i have regular phishing attemps under the guise of absa bank . this woman and her commie crionies are a chip off the putin/ oligarch block

End of comments.

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