Endeavour Mining shares slump after gold miner fires CEO

Endeavour Mining shares (UK:EDV) fell 11% in London trade as the West African gold miner said it fired its CEO, Sébastien de Montessus, "for serious misconduct with immediate effect." The company said de Montessus made an irregular payment instruction, for $5.9 million, in relation to an asset disposal, and that there was a separate probe into his personal conduct with colleagues. Ian Cockerill, the deputy chair, was named CEO with immediate effect. In his own statement, de Montessus said the payment was for security equipment and that he did not personally benefit, though he acknowledged that he didn't inform the board. "This week I was given 48 hours' notice of the concerns and no proper opportunity to answer them. As to the other investigation: no misconduct of any kind was discovered because none occurred," he said.

-Steve Goldstein

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01-05-24 0640ET

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