FTSE 100 mining chief fired for ‘serious misconduct’
The chief executive of a FTSE 100 mining company has been fired over claims he greenlit an “irregular” payment in breach of the company’s policies.
Endeavour Mining, the largest gold producer in West Africa, told investors after markets shut on Thursday it had terminated the employment of Sébastien de Montessus for “serious misconduct” after uncovering an “irregular payment instruction” of $5.9m (£4.7m).
The £1.4bn company declined to share further details, citing an ongoing investigation into the matter. Endeavour said the payment was discovered “in the course of a review of acquisitions and disposals”.
Separately, the board said it was considering what actions to take, if any, after being handed the findings of a report into Mr de Montessus’s “personal conduct with colleagues”. An external review was triggered after a complaint to the company’s confidential whistleblowing hotline.
A spokesperson declined to give further details. It is understood the personal conduct allegations were not criminal in nature.
French-born Mr de Montessus, 49, has run Endeavour Mining in 2016, during which time he has earned tens of millions of pounds.
He received £18.8m in 2021 as a reward for successfully shifting the company’s primary listing to the London Stock Exchange from Canada in June that year. His salary dropped to £8.9m in 2022 after an investor revolt and as the company fell to a loss.
Endeavour Mining, which was founded in 1988, runs mines in Burkina Faso, Côte d’Ivoire and Senegal. It is a member of the FTSE 100.
Mr de Montessus’s unexpected sacking follows a series of recent, high-profile chief executive scandals in the US and UK.
BP chief Bernard Looney was ousted in September 2023 after he failed to disclose details of his relationships with colleagues.
In 2019, McDonald’s boss Steve Easterbrook was dismissed over relationships with a colleague.
In both cases, their former employers opted to claw back pay.
The board of Endeavour is understood to be planning to discuss a potential clawback of Mr de Montessus’s pay and has promised to announce “full details” in its annual report.
The company has appointed deputy chair Ian Cockerill as chief executive, who previously worked at Anglo American.
Prior to running Endeavour, Mr de Montessus held several senior roles in the industry and spent time as a banker at Morgan Stanley in London.
Endeavour’s most recent accounts show the company lost £21.9m on a turnover of £2.5bn.
In its most recent annual report, the mining group said it had received 17 complaints through its whistleblower hotline, including one case of fraud which led to an employee being dismissed.
Endeavour provides anti-bribery and anti-corruption training, according to the annual report, as well as guidance on the prevention of conflicts of interest.
Mr de Montessus was approached for comment.
