Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) said it has terminated CEO Sébastien de Montessus, with immediate effect due to “serious misconduct.”
Ian Cockerill, the current deputy chair of the board, has been appointed as the new CEO and executive director.
In a statement, Endeavour said that its board had uncovered an irregular payment instruction of US$5.9 million issued by de Montessus in connection with a company asset disposal during an ongoing review of acquisitions and disposals, as well as personal misconduct allegations.
Cockerill has over four decades of global natural resources industry experience.
The company said Cockerill will undertake a comprehensive review of his existing directorships in light of his new leadership role at Endeavour.