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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (176280)	1/19/2024 12:15:21 PM
From: LoneClone	Read Replies (1) \| Respond to of 192593

Endeavour Mining Says Fired CEO to Lose $29.1 Million in Pay Jacob Lorinc Thu, January 18, 2024 at 1:20 p.m. PST·1 min read EDVMF -1.62% (Bloomberg) -- Endeavour Mining Plc is stripping its former Chief Executive Officer Sébastien de Montessus of $29.1 million in renumeration after he was fired earlier this month for “serious misconduct.” The London-based gold miner said in a statement Thursday that de Montessus forfeits $17.6 million, which includes a $2 million annual bonus for last year and $15.6 million in unvested share awards. Endeavour Mining is also clawing back $10 million for a one-off award granted in 2021 and $1.5 million cash bonus for 2022, the company said. Endeavour fired de Montessus earlier this month, citing serious misconduct over an alleged irregular payment instruction of $5.9 million tied to an asset sale. De Montessus has since said he instructed a creditor of Endeavour to make the payment in 2021 to a security company to offset money owed for essential security equipment. “I am disappointed with the way that this matter has been handled and that I have not been given an opportunity to make proper representations to either the board or the remuneration committee,” de Montessus said in a separate Thursday statement. Read More: Gold CEO Firing Deals Fresh Blow to Mining’s Battered Reputation The Canadian shares of Endeavour rose 1.3% to C$23.91 at 4 p.m. in Toronto.