Former CEO loses out on salary, bonuses, and benefits
- Endeavour Mining strips ex-CEO of $29.1 million in remuneration
- No further salary, pensions, or benefits for de Montessus
- Annual bonus for 2023 and 2024 financial years canceled
- Clawing back $10 million for one-off award and $1.5 million cash bonus
- Investigation into irregular payment instruction led to termination
Endeavour Mining has taken action against its former Chief Executive Sebastien de Montessus by docking him of $29.1 million in remuneration. De Montessus will not receive any further salary, pensions, or benefits after his termination, and his annual bonuses for the 2023 and 2024 financial years have been canceled. Additionally, the company is clawing back $10 million for a one-off award granted in 2021 and the $1.5 million cash bonus received in 2022. The decision comes after an investigation into an irregular payment instruction of $5.9 million issued by the ex-CEO, leading to his termination. De Montessus, who had been CEO since 2016, denies any wrongdoing.
Public Companies: Endeavour Mining (N/A)
Private Companies:
Key People: Sebastien de Montessus (Former Chief Executive)
Factuality Level: 8
Justification: The article provides specific details about the remuneration being docked from Sebastien de Montessus, including the amount and the reasons for the termination. It also mentions the investigation into an ‘irregular payment instruction’ and de Montessus’ denial of any wrongdoing. However, the article lacks additional context or perspectives that could provide a more comprehensive understanding of the situation.
Noise Level: 8
Justification: The article provides information about the termination and remuneration of Sebastien de Montessus, the former CEO of Endeavour Mining. However, it lacks in-depth analysis or exploration of the consequences of the termination and the alleged irregular payment instruction. The article does not provide evidence or data to support the claims made. It also does not offer any actionable insights or solutions. Overall, the article contains some relevant information but lacks depth and rigor.
Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to the financial impact on Endeavour Mining, a London-based gold-mining company.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the financial impact on Endeavour Mining due to the termination of its former CEO and the clawing back of his remuneration. There is no mention of an extreme event.
www.marketwatch.com 
