JSE-listed gold producer, AngloGold Ashanti (AngloGold), late on Monday said it had appointed the former director-general in the ministry of Labour, Sipho Pityana, to the position of chairman of the company.

Pityana had been a non-executive director at AngloGold for the past 7 years and succeeds in the new position, the former minister of labour and former central bank governor, Tito Mboweni, who was appointed to the position in June 2010.

Pityana said he would work faithfully with Mboweni in the next coming months to allow for a smooth handover.

AngloGold said Mboweni had taken a decision not to stand again for re-election because of an increase in professional commitments.

Mboweni’s decision to step down comes during a period of continued advancement at AngloGold. Among other things, the company has reduced its cost structure to tackle a dramatically lower gold price.

Mboweni said he was glad to leave AngloGold as a robust, steady and focused operation.