Tito Mboweni has decided not to stand for re-election as non-executive director of AngloGold Ashanti and has stood down as chairman. He will be succeeded by Sipho Pityana, who was elected unanimously by the board on Monday 17 February.

“I am honoured to follow Mr Mboweni as chairman of AngloGold Ashanti,” Pityana said. “I will work closely with him over the coming months to ensure a seamless handover.”

Mboweni’s decision to step down comes after a period of sustained improvement from AngloGold Ashanti, 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, the company said in a statement.

“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,” Chief Executive Officer Srinivasan Venkatakrishnan said.