Endeavour Mining, a London-based gold-mining company, has decided to withhold $29.1 million in remuneration from its former chief executive, Sebastien de Montessus, following his ousting earlier this month. In a statement released on Thursday, the company revealed that de Montessus will not receive any further salary, pensions, or benefits after the date of termination. Additionally, he will not be entitled to an annual bonus for the 2023 or 2024 financial years.
De Montessus had an expected annual bonus of approximately $2 million for 2023. Furthermore, the value of his unvested share awards is estimated to be $15.6 million. As part of the clawback, Endeavour Mining will also retrieve $10 million for a one-off award granted in 2021, as well as the $1.5 million cash bonus he received for 2022.
The termination of de Montessus as President and CEO was announced on January 4 after the company’s board conducted an investigation into an “irregular payment instruction” for $5.9 million. Despite the allegations, de Montessus denies any wrongdoing.
Expressing his disappointment with the handling of the matter, de Montessus stated, “I have not been given an opportunity to make proper representations to either the board or the remuneration committee.” However, specific details regarding the allegations and subsequent investigation were not disclosed.