In an emotional address to their stakeholders, Compass Mining CEOs pen a layoffs, executive pay cut, and spending reduction letter.
Citing agility and strategy reassessment as the reasons, the co-founders opine:
“Given the recent market downturn and anticipated future market conditions, we had to take a hard look at our spend and recalibrate for the future of the business.”
The “senior employees and executive team have taken significant pay cuts of up to 50%,” said the CEOs.
Lately, a lot of companies in the Crypto-industry are laying-off their staff due to the crypto market cash, western sanctions, and market corrections. A recent example is the Aussie crypto operator Banxa laying-off 40% of its staff.
Compass Mining has “sold over half a billion dollars of mining equipment with over 30,000 machines operating on behalf of thousands of customers,” the interim CEOs’ letter states.
Also read: Coinbase CEO Lays Off 18% Employees Fearing a Crypto Winter
The new executives are also concerned about how their decision would affect their customers and community.
“Through this restructuring, the company is wholly focused on regaining the goodwill of our stakeholders and the community, as well as delivering on our mission of providing best-in-class service for miners of all sizes.”
Thomas Heller (chief mining officer) and Paul Gosker (chief technology officer), took over as interim CEOs after ex-CEO Mr. Whit Gibbs and ex-CFO Mr. Jodie Fisher’s resignation in June.
