London-listed gold producer Endeavour Mining has sacked its boss after it uncovered “serious misconduct” following an investigation into an “irregular payment” of $5.9m.
The FTSE 100 firm announced today that chief executive Sébastien de Montessus has been dismissed with “immediate effect” after the misconduct was revealed following a probe into “an irregular payment instruction issued by him in relation to an asset disposal undertaken by the company”.
The company, which is also listed on the Toronto Stock Exchange, became aware of the misconduct following a review of acquisitions and disposals, which it said is ongoing.
The firm also said that separate allegations had been made against de Montessus via the company’s whistleblowing channel in October “relating to his personal conduct with colleagues”.
The firm said the board has received the findings of an external investigation into this matter and was now “considering the appropriate course of action” following his dismissal today.
The board has appointed Ian Cockerill, who is currently the deputy chair of the board, as the firm’s new chief executive officer with immediate effect.
The impact the termination on de Montessus’s remuneration would be disclosed “in due course”, the firm added. He was reportedly paid £9m in 2022 and was the eighth highest paid FTSE 100 CEO in 2022.
The news was released after market close in London, but Endeavour’s shares were down over six per cent on the Toronto exchange at the time reporting.
