Endeavour Mining will strip former chief executive Sébastien de Montessus of remuneration worth $29.1mn after the gold producer fired the longstanding French boss because of alleged “serious misconduct”.
The FTSE 100 gold mining group said on Thursday that de Montessus will forfeit $17.6mn, which consists of a $2mn bonus earmarked for 2023 and $15.6mn of unvested share awards. It added it will also claw back $11.5mn that was provided to him through a combination of a one-off payment in 2021 and a bonus in 2022.
The ousting of de Montessus earlier this month came after Endeavour, which operates four gold mines in west Africa, alleged it discovered an irregular payment of $5.9mn made on his instructions in relation to an asset disposal. The payment instruction had not been reported to the board.