Irregular payment: Endeavour Mining boss Sebastien de Montessus was sacked earlier this month
The ousted boss of Endeavour Mining has been stripped of more than £20million of pay just weeks after he was fired for gross misconduct.
Sebastien de Montessus, who had led the gold miner since 2016, was sacked earlier this month after an investigation into two separate incidents including an irregular payment of £5million relating to the sale of a company asset as well as allegations about his personal conduct.
Endeavour Mining said he will lose £23million of pay, including £14million relating to a bonus for 2023 and unvested share awards.
The board also wants to retrieve £9million of payments from previous years.
It comes just one month after oil giant BP decided to strip former chief executive Bernard Looney of £32million in pay and bonuses following a scandal over his behaviour.
Endeavour, which is the largest gold producer in West Africa, became aware of the irregular payment during a review of its acquisitions and sales of parts of the business.
It is unclear where the payment was directed and a review is ongoing into the details.
De Montessus, 49, faces separate allegations over his conduct with colleagues, reported in October through a ‘confidential whistleblowing channel’ and which have prompted an external investigation, Endeavour said.
He was among the highest-paid Footsie bosses, earning £8.9million in 2022, and £18.8million the year before.