Endeavour Mining, a gold mining company, saw a sharp decline in its shares on Thursday following the termination of its chief executive officer. The decision was made due to alleged serious misconduct.
During afternoon trading, the shares dropped by 10% to C$25.88, resulting in a 13% decrease over the past year. Endeavour Mining conducted an investigation into an irregular payment instruction issued by Sebastian de Montessus, which was related to the sale of an asset. The board of directors recently discovered this $5.9 million payment instruction during their review of acquisitions and disposals.
As a result, de Montessus has been terminated as both president and CEO, and he has also been removed as a director. In his place, Ian Cockerill has been appointed as CEO and executive director. Cockerill, who previously served as the CEO of South African gold producer Gold Fields and currently holds the position of Endeavour Mining’s deputy chairman, brings a wealth of industry experience to his new role.
WSJ – Robb M. Stewart