AngloGold Ashanti Chairman Tito Mboweni Steps Down; Elects New Chairman

(RTTNews) - Gold miner AngloGold Ashanti (AU) said Monday that Tito Mboweni has stepped down as Chairman today, but to ensure a smooth transition has agreed to work closely with the new Chairman, Sipho Pityana, who was elected unanimously by the Board today.

The company noted that Tito Mboweni has decided not to stand for re-election as Non-Executive Director at the Annual General Meeting to be held in May, 2014, as a result of his increasing portfolio of professional commitments.

Pityana, a non-executive director of AngloGold Ashanti for the past seven years, is also the chairperson of the company's Safety, Health and Environment Committee and a member of other Board committees.

The company stated that Mboweni's decision to step down comes after a period of sustained improvement from the company, which has rebased its cost structure in response to a dramatically lower gold price, whilst improving the quality of its asset base with the commissioning of two new gold mines, together with selected asset disposals.