US-based Bitcoin mining hosting service Compass Mining has become the latest company to reduce its workforce to survive and operate amid the ongoing cryptocurrency market downturn.
In a letter to employees and investors on Thursday (July 7th, 2022), Compass Mining co-founders and interim CEOs Thomas Heller and Paul Gosker, said the firm “grew too quickly” and was unable to deliver the level of trust and service that initially catapulted the company to success.
Heller and Gosker also noted that the company has decided to adopt cost-cutting measures based on the current market conditions for the future of the business.
Consequently, Compass Mining is slashing its team by 15% and reducing executives’ compensation by as much as 50%. According to an excerpt from the letter:
“While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers. Of all the decisions we have had to make as new CEOs, this will be far the hardest, and we take full responsibility for all of the changes that have been, and will be made, under our leadership.”
As previously reported by CryptoPotato, towards the end of June, Compass Mining’s CEO Whit Gibbs and Chief Finance Officer Jodie Fisher stepped down from their positions.
Pending when the company finds a permanent solution, Chief Mining Officer (CMO) Thomas Heller and CTO Paul Gosker are temporarily taking over the leadership reins.