Endeavour Mining says former CEO to lose $29.1m in pay

19th January 2024 By: Bloomberg

Endeavour Mining says former CEO to lose $29.1m in pay

S├ębastien de Montessus

Endeavour Mining is stripping its former CEO Sébastien de Montessus of $29.1-million in renumeration after he was fired earlier this month for “serious misconduct".

The London-based gold miner said in a statement Thursday that de Montessus forfeits $17.6-million, which includes a $2-million annual bonus for last year and $15.6-million in unvested share awards. Endeavour Mining is also clawing back $10-million for a one-off award granted in 2021 and $1.5-million cash bonus for 2022, the company said.

Endeavour fired de Montessus earlier this month, citing serious misconduct over an alleged irregular payment instruction of $5.9-million tied to an asset sale. De Montessus has since said he instructed a creditor of Endeavour to make the payment in 2021 to a security company to offset money owed for essential security equipment.

“I am disappointed with the way that this matter has been handled and that I have not been given an opportunity to make proper representations to either the board or the remuneration committee,” de Montessus said in a separate Thursday statement.

The Canadian shares of Endeavour rose 1.3% to C$23.91 at 4 p.m. in Toronto.