Compass Mining changes management due to ‘multiple setbacks’

Mining company Compass Mining is firing its CEO and CFO due to a potential electricity default amid a bear market.

According to Compass Mining on Twitter, two company executives – CEO Whit Gibbs and CFO Jodie Fisher – recently stepped down. Until a replacement is found, their duties will be filled by CTO Paul Gosker and Chief Mining Director Thomas Heller. According to the statement, the company’s main goal of making mining easier has been jeopardized by “multiple failures”:

“We acknowledge that there have been numerous setbacks and disappointments that have distracted us from this goal. With the restructuring, the company is now fully focused on restoring the goodwill of our stakeholders and the community, as well as fulfilling our mission of providing best-in-class services to miners of all sizes. These changes are being implemented to achieve the next level of growth for Compass Mining.”

Probably, the problems of the company are connected not only with the crisis in the crypto market. Formerly DynamicsMining statedthat Compass Mining owes her $1.2 million for electricity. So far, Compass Mining has paid out only $665,000. DynamicsMining claims that Compass Mining has other violations, evidence of which the company can provide at any time. DynamicsMining plans to sue Compass Mining for breach of contract unless a settlement is reached.

Recall that at the end of April, the Texas company Compass Mining, which mines cryptocurrency in Siberia, announced that it was leaving Russia and putting up for sale a mining farm with a capacity of 12 MW. This decision could contribute to the aggravation of the crisis in the company.