Endeavor Mining Says Fired CEO to Lose $29.1 Million in Pay
BNN Bloomberg
Endeavour Mining Plc is stripping its former Chief Executive Officer Sébastien de Montessus of US$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 US$17.6 million, which includes a US$2 million annual bonus for last year and US$15.6 million in unvested share awards. Endeavour Mining is also clawing back US$10 million for a one-off award granted in 2021 and US$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 US$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.
