(Finance) – The board of directors of Endeavor Mininga multinational specialized in the exploration and management of gold mines in West Africa, has decided on dismissal of the president and CEO, Sébastien de Montessus, “for serious misconduct with immediate effect”.
This, a statement said, follows an investigation conducted by the council on an irregular payment instruction issued by him in relation to a sale of assets undertaken by the company. The amount of this irregular payment instruction is 5.9 million dollars. The board became aware of this recently during an acquisitions and divestitures review, which is ongoing. Sébastien de Montessus has also been removed from the board of directors with immediate effect.
Separately, charges were brought against Sébastien de Montessus in October 2023 through the whistleblowing channel of the company regarding its personal conduct with colleagues. Following a recent external investigation, the council had received the findings and was considering the appropriate course of action at the time of conclusion.
The council has nominated Ian Cockerill (currently Vice President) in the role of CEO and Executive Director with immediate effect.
Cockerill has further four decades of experience in the sector in natural resources, having held senior roles in operational, project and executive positions around the world, with executive roles at major international mining companies, including CEO of Gold Fields and Anglo Coal, a subsidiary of Anglo American, as well as non -executive.
(Photo: Dominik Vanyi on Unsplash)