EDVMF - Endeavour Announces CEO Termination | Benzinga
ENDEAVOUR ANNOUNCES CEO TERMINATION
London, 4 January 2024 – The Board of Directors of Endeavour Mining plc ((LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour", the "Group" or the "Company") today announces the termination of the President and Chief Executive Officer, Sébastien de Montessus, for serious misconduct with immediate effect. This follows an investigation by the Board into an irregular payment instruction issued by him in relation to an asset disposal undertaken by the Company. The amount of this irregular payment instruction is US$5.9 million. The Board recently became aware of this in the course of a review of acquisitions and disposals, which is ongoing. Sébastien de Montessus has been removed from the Company's Board of Directors with immediate effect.
Separately, in October 2023 allegations were made against Sébastien de Montessus through the Company's confidential whistleblowing channel relating to his personal conduct with colleagues. Following a recent external investigation, the Board had received the findings and, at the point of termination, was considering the appropriate course of action.
The Board has appointed Ian Cockerill (currently Deputy Chair of the Board) as Chief Executive Officer and Executive Director with immediate effect.
Ian has over four decades of experience in the global natural resources industry. During his career he has held senior roles covering operational, project and executive positions around the world, having held executive roles at major international mining companies, including Chief Executive Officer of Gold Fields and Anglo Coal, a subsidiary of Anglo American, as well as non-executive positions. Ian will be reviewing his other, current directorships in light of his appointment as Chief Executive Officer and Executive Director of Endeavour.
Remuneration
Full details of the impact of the termination of Sébastien de Montessus on his ...