Venkatakrishnan leaves after 18 years at the company, the last five as CEO, to become chief executive of Vedanta Resources.
Vedanta is a London Stock Exchange-listed, diversified natural resources firm, with interests zinc, lead, silver, copper, iron ore, aluminium as well as oil and gas.
AngloGold Ashanti said in a statement Venkatakrishnan, also known as Venkat, will remain in his current position until August 30 2018.
Chairperson Sipho Pityana hailed the outgoing CEO for creating a culture of accountability within the mining firm, stating that a search was underway for his replacement.
“He has embedded a culture of consistency and accountability in the business, and has created the ability for the company to thrive in a range of market conditions,” said Pityana.
Venkat assumed the role of CEO in May 2013, soon after the gold price fell by nearly a third.
Under his leadership, AngloGold Ashanti achieved a 16% reduction in all-in sustaining costs, a 30% reduction in all in costs. Productivity over the five years also increased by 26%.
“This was all achieved whilst setting new benchmarks for safety performance and environmental stewardship, and without the issue of equity thereby avoiding dilution to shareholders,” AngloGold Ashanti said in a statement.
Pityana said the board will embark on a global search for a replacement “with the requisite experience and breadth of expertise, and who will be committed to maintaining the discipline and value focus that has become a hallmark of this business”.