The mining company Compass Mining announced that due to the fall of the cryptocurrency market and the profitability of the business, it is cutting 15% of its staff and reducing the salaries of top managers.
The company said in a statement that the pay cut for department heads will be up to 50%. At the same time, the company’s CEO and CFO were recently fired from the company due to “numerous failures.”
“While very painful, these changes will allow Compass to remain flexible and continue to have a strong position in an emerging market that is now very difficult for all participants in the mining industry,” the statement said.
At the same time, the company’s management admits that Compass Mining “has grown too fast, while the services have not reached the required quality.”
“When we launched, we were amazed at the level of demand for our services. Of course, we tried to meet demand and plugged any operational, financial and technological problems simply by recruiting people, ”the company’s management writes.
Recall that earlier Compass Mining had data centers in Russia. However, at the end of April, due to US sanctions, the company decided to sell its business in Russia. The power of the mining farm was estimated at 12 MW.
Source: Bits
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