Venkat has been acting chief executive with executive vice-president business and technical development Tony O’Neill since last month.

O’Neill will revert to his previous role, while Venkat will remain as CFO in the interim until a replacement is found.

Venkat has been with the company since 2004, when Ashanti Goldfields and AngloGold merged.

He had been CFO at Ashanti for four years before that and has also worked for Deloitte & Touche in London.

AngloGold chairman Tito Mboweni said he was pleased to have appointed an executive of Venkat’s calibre to lead the company.

“He will enjoy my personal support and the full support of the board as he brings his extensive experience to complement the impressive depth of our operating and strategic talent,” he said.

Venkat said AngloGold had a pool of world-class talent.

“We will build on the good work done over the years in order to realise the value inherent in our portfolio, while placing a sharp focus on returns, margins and free cashflow,” he said.

The company said Venkat would outline progress made on near-term objectives in its upcoming March quarter results, to be released next week.

Analysts from SP Angel in London approved of the appointment.

“He is well respected and well thought of in the industry and knows the business well as an insider,” they said in a morning note.

“Venkat’s challenge will be to manage the difficult relationship between mine workers, unions the ANC and economic reality.”

Venkat is a member of the audit committee of the World Gold Council and has recently been appointed to the Financial Reporting Investigation Panel, an advisory panel of the JSE.

Cutifani announced his resignation in January to take the top job at larger diversified miner Anglo American.

AngloGold shares closed A2c up to $3.70 yesterday.