Endeavour Mining shares tumble as CEO is sacked
The chief executive of the FTSE 250 listed gold miner, Sébastien de Montessus, has left the company with immediate effect.
The Endeavour Mining board cited ‘serious misconduct’ against de Montessus following an investigation into an irregular payment instruction of $5.9 million issued in relation to an asset disposal by the company. Reuters is also reporting that Endeavour disclosed that allegations were made against de Montessus last year relating to his personal conduct with colleagues on its confidential whistleblowing channel. It comes at a bad time for Endeavour as it looks to complete two key growth projects over the coming months. The company has appointed Ian Cockerill, deputy chair of its board, as the new CEO.
Bad news for Endeavour Mining's share price
These combined factors have had a significant negative impact on Endeavour Mining's shares, causing a similar downward nosedive trend in both the London and Canadian markets. In fact, the stock price dropped by over 10% in the Canadian markets and 12.4% in London within just 40 minutes of trading. This decrease broke a support line at £14.83, reaching levels not seen since 4 November 2022.
Ian Cockerill takes over as CEO
As a result of these developments, the company's board has appointed Ian Cockerill, the deputy chair, as the interim chief executive. This change in leadership comes at a crucial time for Endeavour Mining, as they have two major growth projects on the horizon. However, the decline in the stock price clearly reflects investor concerns and raises doubts about the company's future prospects.
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