Endeavour Mining Strips Former CEO of $29.1m Following Termination for 'Serious Misconduct'

Sébastien de Montessus denies wrongdoing and expresses disappointment with the handling of the matter as company shares plunge 18%.

Endeavour Mining, the largest gold producer in West Africa, has stripped its former CEO, Sébastien de Montessus, of $29.1 million in remuneration following his termination for 'serious misconduct.'
The forfeited amount includes a $2 million annual bonus for last year, $15.6 million in unvested share awards, a $10 million one-off award granted in 2021, and a $1.5 million cash bonus for 2022.
The misconduct involved an alleged irregular payment instruction of $5.9 million tied to an asset sale, which de Montessus denies, claiming it was to offset money owed for essential security equipment.
De Montessus, who was the highest-paid FTSE 100 chief executive in 2021, has expressed disappointment with the handling of the matter and claims he was not given an opportunity to make proper representations to the board or the remuneration committee.
Since the termination of de Montessus, Endeavour Mining's shares have plunged 18%, as the company struggles to reassure investors.