Bobby Godsell

Robert Michael "Bobby" Godsell (born 14 September 1952 in Johannesburg)[1] is a retired South African businessman and the former CEO of South African gold mining company AngloGold Ashanti, a position he held from 1998 to 2007. He was the Non-Executive Chairman of Eskom from 2008 to 2009 and was appointed to the National Planning Commission of South Africa by former South African President Jacob Zuma on 30 April 2010.[1]

Bobby Godsell
Born
Robert Michael Godsell

(1952-09-14) 14 September 1952
Johannesburg, South Africa
OccupationNational Planning Commission of South Africa
Spouse(s)Gillian Hall
Children3
Parent(s)Cyril Harold & Winnefred Godsell

His departure from Eskom in 2009 was under controversial circumstances, caused by a board room struggle with the company's CEO, Jacob Maroga. Godsell decided to resign while Maoga was later sacked. Godsell found himself accused of racism but was defended by both NUM (National Union of Mineworkers) and the ANC (African National Congress).[2][3][4][5]

Biography

Godsell completed a master of arts degree at the University of Cape Town, followed by a bachelor's degree at the University of Natal.[1]

He became an executive director of Anglo American in 1991. He served at the South African Chamber of Mines, first as a vice-president and later as its president. He was also chairman of the World Gold Council from 2001 to 2002.[1]

Bobby Godsell was appointed CEO of the gold and uranium division of Anglo American in July 1995 and CEO of AngloGold in April 1998.[6]

As CEO, he oversaw, alongside Sam E. Jonah, the merger of AngloGold and the Ashanti Goldfields Corporation, announced on 16 May 2003 and completed on 26 April 2004, to form AngloGold Ashanti.[7][8]

Godsell announced his retirement on 31 July 2010 and retired from his position as CEO of AngloGold Ashanti on 30 September 2007, being replaced by Australian Mark Cutifani.[9] He stated that, after 34 years in corporate life he was looking forward to exploring new ways of being a constructive citizen in his country, South Africa.[6]

He returned from retirement in 2008, when he became the non-executive chairman of Eskom but resigned from the position in 2009. He remains a non-executive director of the Anglo American Corp., a position he has held since 1991. He is also the chairman of Business Leadership South Africa and has been appointed to the National Planning Commission (NPC) by President Jacob Zuma on 30 April 2010.[1]

His resignation from Eskom came amidst a board room power struggle in the utility company between Godsell and CEO Jacob Maroga. Maroga was heavily criticised for power shortages, a record loss of R9,7 billion in the year to March 2009 and electricity price rises criticised for stoking inflation as South Africa battled recession. Maroga allegedly handed in his resignation, then denied doing so and Godsell, under political pressure from organistaions supporting Maoga, decided to hand in his resignation instead.[10][11]

Personal life

Godsell, born to Cyril Harold & Winnefred Godsell, is married to Gillian Hall. The couple has three daughters.[1]

Legacy

Upon retirement, Bobby Godsell was described as "a visionary, that has done much to shape the destiny of both the South African labour relations landscape and that of AngloGold Ashanti" by then-chairman of AngloGold Ashanti, Russell Edey.[9]

Under Godsell, AngloGold Ashanti had hedged 11.3 million ounces of gold, as of early 2008, twice the value of the company's annual production. Under his successor, Mark Cutifani, this was gradually reduced to 3.22 million. In October 2010, this remaining amount was paid off with US$2.63 billion, or US$1,300 per ounce of gold. The hedging of gold at low prices while the overall-gold price reached record heights in 2010 was financially very unfavourable for AngloGold Ashanti, forcing the company to sell gold at prices far below spot market value.[12] Bobby Godsell and his then-marketing director Kelvin Williams found themselves blamed for the excessive hedging of the company, brought on in parts by the AngloGold-Ashanti merger.[13][14]

Under Godsell's final years as CEO, AngloGold Ashanti experienced a high number of fatalities in its mines, 37 in 2006 and 34 in 2007. Under his successor, these numbers dropped to 14 in 2008 and 16 in 2009, achieved partly through new safety initiatives.[15][16]

Godsell is highly regarded and trusted by the National Union of Mineworkers, who came out in his defence after he lost the power struggle within Eskom and was accused of racism, as did the African National Congress, the ANC. His positive relationship with the unions dates back to 1974, when he became labour relations expert and got involved in forming Anglo American's employment practice policies. His role in getting white business in South Africa to accept both the unpopular Labour Relations Act and, later, the mining charter in the transformation period of the country was instrumental and his relationship with Cyril Ramaphosa was crucial in all this.[17]

Preceded by
Moosa, M.V.		 Chairperson of Eskom Board
2008-2009		 Succeeded by
Makwana, P.M.
gollark: It seems kind of dubious that someone can remotely do serious physical damage to your wireless hardware.
gollark: I see.
gollark: What do you mean "emmental"?
gollark: If you actually need to use it it'll just stop doing that.
gollark: Unused RAM is wasted RAM, so OSes will cache stuff in available free memory.

References
  1. Bobby Godsell Archived 17 December 2010 at the Wayback Machine Who'swho South Africa, accessed: 8 October 2010
  2. ANC: Godsell isn't a racist fin24.com, published: 10 November 2009, accessed: 8 October 2010
  3. Godsell is no racist – NUM Archived 4 March 2012 at the Wayback Machine politicsweb.co.za, published: 10 November 2009, accessed: 8 October 2010
  4. SA wants Godsell back at Eskom Mail & Guardian online, published: 13 November 2009, accessed: 8 October 2010
  5. Use of the race card at Eskom roundly condemned engineeringnews.co.za, published: 10 November 2009, accessed: 8 October 2010
  6. Bobby Godsell Retires as CEO at AngloGold Ashanti Archived 4 September 2011 at the Wayback Machine AGA website, published: 31 July 2007, accessed: 8 October 2010
  7. Annual Report 2005 Archived 19 July 2011 at the Wayback Machine AngloGold Ashanti website, accessed: 11 July 2010
  8. Completion of merger of Anglogold Limited/Ashanti Goldfields Archived 16 June 2012 at the Wayback Machine AngloGold Ashanti ASX announcement, published: 27 April 2004, accessed: 10 July 2010
  9. Annual Report 2007 Archived 24 October 2010 at the Wayback Machine AngloGold Ashanti website, accessed: 8 October 2010
  10. Bobby Godsell resigns from Eskom Mail & Guardian online, published: 9 November 2009, accessed: 8 October 2010
  11. Eskom Chairman Bobby Godsell Resigns, Government Says bloomberg.com, published: 9 November 2009, accessed: 8 October 2010
  12. AngloGold Ashanti eliminates hedge book, gains full exposure to gold Archived 4 September 2011 at the Wayback Machine AGA website, published: 7 October 2010, accessed: 8 October 2010
  13. AngloGold Stumbles Over Gold Hedges piedmontmining.com, published: 24 May 2009, accessed: 8 October 2010
  14. AngloGold closes off its disastrous hedge book busrep.co.za, published: 23 September 2010, accessed: 8 October 2010
  15. AngloGold wants zero mine deaths by 2015 The Sydney Morning Herald, published: 29 March 2010, accessed: 9 July 2010
  16. New AngloGold Ashanti CEO to tackle mine deaths uk.reuters.com, published: 3 August 2007, accessed: 8 October 2010
  17. Who is Bobby Godsell, the big cheese whom the workers support? Archived 18 November 2009 at the Wayback Machine grubstreet.co.za, published: 11 November 2009, accessed: 8 October 2010
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.