Endeavour Mining Plc has dismissed its President and Chief Executive Officer, Sébastien de Montessus, citing serious misconduct and irregularities related to the sale of a company asset. Following de Montessus’ departure, Deputy Chairman Ian Cockerill, previously CEO of Gold Fields Ltd. and Anglo Coal, has assumed the leadership role at Endeavour, effective immediately, as per the company’s announcement.
The London-based metals producer made the decision following a board investigation into an “irregular payment instruction” of $5.9 million issued by de Montessus concerning one of Endeavour’s asset sales.
The company, backed by Egyptian billionaire Naguib Sawiris, disclosed that it had been assessing how to address an external investigation into the CEO’s conduct with colleagues, prompted by whistle-blowing allegations from October.
De Montessus refuted the misconduct allegations but admitted to “a lapse in judgment” in a statement released later that Thursday afternoon. He acknowledged instructing an unnamed creditor in 2021 to offset an amount owed to the company for essential security equipment meant to safeguard its partners and employees in an unspecified conflict zone.
This abrupt termination concludes de Montessus’ seven-year tenure as Endeavour’s top executive. He had significantly reshaped the company through numerous deals and mine constructions, replacing small and high-cost operations with new flagship projects across gold mines in West Africa, spanning Senegal, Ivory Coast, and Burkina Faso.
The specific asset in question or its location wasn’t disclosed by either the company or de Montessus. In the past couple of years, Endeavour has sold mines in Burkina Faso and its stake in an Ivory Coast gold project.
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