Endeavour Mining, a producer of gold, plans to recoup over $29 million in compensation and bonuses from their former CEO who was terminated this month due to alleged “serious misconduct” related to a large payment that was deemed irregular.
Endeavour, based in London, announced on Thursday that Sébastien de Montessus, who had been the leader of the company listed on the FTSE 100 since 2016, would be obligated to give up $29.1 million (£22.9 million) in compensation.
In 2021, De Montessus held the title of the highest paid chief executive in the FTSE 100. However, for the 2023 and 2024 fiscal years, they will not receive any salary, pension, benefits, bonuses, or share awards.
Endeavour reported a total of $17.6 million, with its remuneration committee also implementing a “clawback” for 2021 and 2022, resulting in an additional $11.5 million.
A portion of this will be deducted from previous long-term incentive plan payouts, however De Montessus will be required to personally return $2.7m.
De Montessus expressed disappointment with the handling of the situation and the lack of opportunity to present his case to the board or the remuneration committee.
This month, Endeavour made the announcement that De Montessus, who served as both the president and CEO, would be departing with “immediate effect”.
The company announced that they are looking into accusations made by a whistleblower against De Montessus regarding his behavior towards coworkers.
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The company Endeavour, with four mines located in west Africa, has stated that they are still conducting an investigation into the reported unauthorized payment.
Source: theguardian.com
