"We're extremely pleased to have an executive of Mr Venkatakrishnan's calibre to lead AngloGold Ashanti through the next phase of its development," chairperson Tito Mboweni said.
"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."
Venkatakrishnan has been with AngloGold Ashanti for nine years. He was the chief financial officer at Ashanti Goldfields until it merged with AngloGold Limited in May 2004.
He then became chief financial officer of the combined entity and joined the board in 2005.
He has been joint interim chief exectuive of the company, alongside Tony O'Neill.
O'Neill would remain an executive director on the board and would revert to his role as executive vice president of business and technical development.
Venkatakrishnan would also remain chief financial officer of AngloGold Ashanti until further notice.
The company said he had extensive knowledge of the company and its international portfolio of assets, and significant financial and capital markets expertise.
"In his role as chief financial officer, he has overseen funding for all of AngloGold Ashanti's operating activities, giving him a detailed knowledge of all of our mines and operating jurisdictions." – Sapa