London, January 24, 2023 – Endeavour Mining, a prominent gold-mining company, has announced its decision to withhold $29.1 million in remuneration from its former Chief Executive, Sebastien de Montessus, following his termination earlier this month.
In an official statement released on Thursday, Endeavour Mining confirmed that de Montessus will not receive any further salary, pensions, or benefits beyond the date of termination. Additionally, he will not be entitled to any annual bonuses for the 2023 or 2024 financial years.
De Montessus had an anticipated annual bonus of approximately $2 million for 2023 and unvested share awards valued at $15.6 million. Both of these will now be forfeited.
The company also disclosed its plans to claw back the $10 million one-off award granted in 2021 as well as the $1.5 million cash bonus received for 2022.
The decision to terminate de Montessus came after the company’s board launched an investigation into an “irregular payment instruction” made by the former CEO for $5.9 million.
De Montessus, who has been with the company since 2016, has adamantly denied any involvement in any wrongdoing.
