Endeavour Mining boots CEO for ‘serious misconduct’

Canadian-headquartered, South African-focused producer Endeavour Mining said 4 January it has removed CEO Sebastien de Montessus, effective immediately, for what it has called “serious misconduct.”

Reuters reported the ousting followed a board of directors investigation involving an irregular payment instruction of $5.9 million issued by him in relation to an asset disposal by the company.

He has also been removed as president and from the company’s board.

De Montessus told the news wire that he had instructed a creditor of Endeavour in 2021 to offset an amount owed to the company to pay for essential security equipment to “protect our partners and employees in a conflict zone.”

He added: “The decision had no additional cost to the company and did not benefit me personally in any way. I omitted to inform the board that I had arranged for this offset, which I have freely accepted was a lapse in judgment.”

He also told Reuters he was given 48 hours’ notice of the company’s concerns and “no proper opportunity to answer them.”

Endeavour reportedly also has disclosed that allegations were made against de Montessus in 2023 relating to personal conduct with colleagues on its confidential whistleblowing channel.

“No misconduct of any kind was discovered because none occurred,” the unseated CEO said.

Endeavour has appointed Ian Cockerill, deputy chair of its board, as the new CEO.

Source: Endeavour Mining ousts CEO over ‘serious misconduct’ (msn.com)

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