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Following high-ranking resignations and allegations that the company had failed to pay its bills, the downsizing of executive staff and pay cuts was inevitable. Compass Mining today announced that it will reduce its staff by 15% and increase compensation for executives up to 50%.

“Today we have made the difficult choice to reduce the size and spend of the Compass staff by 15%, and to implement significant compensations and spend reductions throughout the rest of our business,” Compass cofounders and interim CEOs Paul Gosker and Thomas Heller wrote.

According to the pair, the changes will allow the hardware mining company “stay agile” in an “evolving marketplace.”

They wrote that “Given the recent market downturn, and the anticipated future market conditions,” they had to take a hard-look at their [spending] and reassess the business’ future.

The post states that Compass will offer “financial as well as non-financial assistance to people affected by downsizing.”

The interim CEOs stated that the changes they need to make do not only affect our departing colleagues. “Our executive team and senior employees have had to take significant pay cuts up to 50% as part this process.”

Today’s announcement was prompted by rapid growth and subsequent operational, financial and technological bottlenecks.

The post stated that “We made significant leadership decisions last week to reorient our company.” “We have publicly addressed an issue with our service provider to increase transparency and end unfounded rumors about our business’ health.”

Dynamics Mining is most likely the “service provider”, which took to Twitter last month in a scathing attack on Compass for not paying its Maine power bill. Dynamics claimed that this was a factor in their termination of their contract. Compass has denied the allegations.

Compass also announced in June the resignationof Whitney Gibbs, Chief Executive Officer, and co-founder of Compass, and Jodie Fisher Chief Financial Officer.

Heller and Gosker stated that they will implement the changes quickly and decisively. They also apologized to Compass employees who have left and thanked them for their dedication.

They wrote that “Of all the decisions made as new CEOs,” this would be the most difficult.

The post Compass – A Crypto Mining Firm Lays off 15% of Staff first appeared on The Daily Encrypt.


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Angie Byrd