(Alliance News) - Endeavour Mining PLC on Thursday said it sacked its President & Chief Executive Sebastien de Montessus, for "serious misconduct" with immediate effect.
The gold miner with assets in nations including Senegal and Burkina Faso said the move followed an investigation into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the company.
The irregular payment instruction amounted to USD5.9 million and was discovered in the course of a review of acquisitions and disposals, which is ongoing.
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, said it was considering the appropriate course of action.
Ian Cockerill, currently deputy chair, has been appointed chief executive officer & executive director with immediate effect.
Sebastien de Montessus has led Endeavour since 2016, and was reportedly paid GBP8.9 million in 2022, below the GBP18.8 million he was handed in 2021.
The bumper pay package in 2021 was a reward for the company successfully shifting its primary listing from Canada to London.
Shares in Endeavour Mining closed down 1.3% at 1,694 pence in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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Endeavour Mining (EDV)