Compass Mining cuts staff by 15% and reduces salaries of senior employees
Compass Mining announced on Thursday that it was cutting its team by 15% and cutting salaries to senior employees and executives. The bitcoin mining company said it was growing too fast and needs to adjust to the current market conditions.
According to a statement made on Thursday, the miner is also cutting salaries and expenses. The reduction in the salaries of senior employees and management staff amounted to up to 50%.
"While these changes are painful, they will allow Compass to remain flexible and well positioned in this emerging market that challenges many of our industry colleagues," co-founders and interim CEOs Thomas Heller and Paul Gosker said in a statement.
The company recently announced the resignation of its CEO and CFO, citing "multiple failures and disappointments." Around the same time, it became known about a conflict with one of its hosting providers due to claims about missed payments.
Compass said on Thursday that it was growing too fast and its services were "nowhere near where they should be." She also pointed to the recent downturn in the market and expected future market conditions.
"When we launched, we were amazed by the level of demand for our services, and as a result, we tried to solve the operational, financial and technological bottlenecks that all growing companies face by hiring more people," the statement said.
Compass will also reduce marketing costs.
"We will spend more time on diligent (as it is written in the original) content providers and will cooperate with those who are highly honest and care about the companies from which they accept dollars," the statement says.
https://coin-signal.com/cryptonews/compass-mining-cuts-staff-by-15-and-reduces-salaries-of-senior-employees/
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