Ousted Endeavor Mining boss to lose £23m over misconduct scandal
Irregular pay: Endeavor Mining boss Sebastien de Montessus was fired earlier this month
The ousted boss of Endeavor Mining has been stripped of more than £20 million in wages just weeks after being sacked for serious misconduct.
Sebastien de Montessus, who had led the gold miner since 2016, was sacked earlier this month following an investigation into two separate incidents, including an irregular payment of £5m related to the sale of company assets and allegations about his personal conduct.
Endeavor Mining said it will lose £23 million in wages, including £14 million related to a 2023 bonus and unvested shares.
The board also wants to bring back £9 million in payments from previous years.
It comes just a month after oil giant BP decided to strip former chief executive Bernard Looney of £32 million in pay and bonuses following a scandal over his conduct.
Endeavor, the largest gold producer in West Africa, became aware of the irregular payment during an investigation into the acquisitions and sales of parts of the company.
It is unclear where the payment went and the details are under investigation.
De Montessus, 49, is facing separate allegations about his behavior towards colleagues, which were reported through a “confidential whistleblower channel” in October and prompted an external investigation, Endeavor said.
He was among the highest paid Footsie bosses, earning £8.9m in 2022, and £18.8m the year before.