The chief executive of FTSE listed mining company has been sacked after the board found irregular payments of £4.6m
Sébastien de Montessus, former president and CEO of Endeavour Mining, has had his contract terminated with immediate effect for ‘serious misconduct’.
An investigation was carried out by the board into irregular payment instructions given by Montessus related to an asset disposal by the company.
This payment totalled $5.9m (£4.66m) and was identified after a review of the company’s acquisitions and disposals. This review is still ongoing.
In a statement, Endeavour Mining said: ‘The amount of this irregular payment instruction is US$5.9m. The board recently became aware of this in the course of a review of acquisitions and disposals, which is ongoing. Sébastien de Montessus has been removed from the company’s board of directors with immediate effect.’
Current deputy chair, Ian Cockerill, has temporarily replaced Montessus as CEO and executive director.
Separately, in October 2023 allegations were made against de Montessus through the company’s confidential whistleblowing channel relating to his personal conduct with colleagues. Following a recent external investigation, the board had received the findings and, at the point of termination, was considering the appropriate course of action.
More information will be released by the company about the full details of Montessus’s remuneration and payoff in the annual report for year end 2023.
Following the announcement on 4 January, the share price was down 11%, closing at £16.94 on 4 January and is now trading at £15.07.
Endeavour Mining is a gold mining company operating across West Africa, including Senegal, Ivory Coast and Burkina Faso.