Compass Mining made an announcement that it will lay off 15% of its workforce and decrease executives’ pay by up to 50%.
“Today, we have made the difficult decision to reduce the size of the Compass team by 15% and to implement significant compensation and spend reductions across the rest of the business.”
Thomas Heller and Paul Gosker, Compass co-founders and interim CEOs
They said that by making the modifications, the mining business will be able to “remain nimble” and well-positioned in what they refer to as a “changing industry.” They added, “We had to take a serious look at our [spending] and recalibrate for the future of the firm given the current market slump and projected future market conditions.
Compass will also assist the affected
Compass will offer “financial and non-financial help” to people impacted by the reduction, according to the statement.
“The changes we need to make don’t only impact our departing team members.” “Our senior employees and executive team have taken significant pay cuts of up to 50% as part of this process.”
The interim CEOs stated
The firm attributed the problems that led to today’s statement to the company’s fast development and the resulting operational, financial, and technological obstacles.
The company wrote in the statement that it started off with the simple idea that everyone should be able to mine bitcoin. The CEOs stated that since January 2021, it has sold over 30,000 machines worth more than half a billion dollars.
Amidst the difficult market conditions, several crypto firms have laid off several employees. Not just the crypto firm, but also investors are facing losses due to the prolonged bear market.