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Compass Mining Cuts 15% of Staff, Lowers Executive Compensation

Michael Bellusci - Coindesk
2022-07-08 01:59
  • Compass Mining has let go of 15% of its employees, and has cut executive compensation to ride out the crypto downturn.
  • Compass also said it grew too quickly, and needed to readdress its strategy moving forward.
  • “Given 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,” cofounders and interim CEOs Thomas Heller and Paul Gosker said in a statement Thursday.
  • The bitcoin mining company had just over 80 employees listed on LinkedIn as of late Thursday.
  • In June, Compass’ CEO and CFO resigned amid “setbacks and disappointments” at the company.
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