Breaking: Top Compass Mining Employees Resigns Following the Failure of the Company to Meet Objectives
- Meanwhile, Compass Mining’s board has appointed Paul Gosker and Thomas Heller to act in place until suitable permanent replacements.
An email statement from Bitcoin mining hosting and brokerage services company, Compass Mining (CMP), states that its CEO and CFO have resigned. Reportedly, the company’s Chief Financial Officer (CFO), Jodie Fisher, and the Chief Executive Officer, Whit Gibbs, tendered their resignation letters early on Wednesday morning.
Following their resignations, the company’s board has replaced them with Paul Gosker and Thomas Heller for the meantime. Gosker and Heller will combine their duties as Chief Technology Officer and co-president, respectively, with their new roles in the meantime.
“Compass Mining was created to make mining easy and accessible,” said the statement. “The company recognizes that there have been multiple setbacks and disappointments that have detracted from that objective. Through this restructuring, the company is wholly focused on regaining the goodwill of the company’s stakeholders and the community, as well as delivering on the company’s mission of providing best-in-class service for miners of all sizes.”
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The company further announced that it had started the process of finding suitable permanent replacements for Gibbs and Fisher. A part of the statement stated that the company had experienced several disappointments and setbacks in achieving its goal of making mining easy and accessible.
The statement further said the company is on a restructuring mission. Hence, it hopes to regain its stakeholders’ and community’s trust and confidence. Then, it can achieve its objective of offering the best services for miners regardless of their size.
There has been no shortage of woes for Compass Mining in the last seven days. Last week, the top hosting firm, Dynamics Mining, announced the termination of Compass Mining’s contract via Twitter.
Dynamics mining said Compass owes it more than $600,000 in unpaid bills. The hosting firm also alleged that employees of Compass attempted to steal back the machines through a break-in attempt at its Maine facility.
Our media team hasn’t confirmed any of these allegations. Also, Compass Mining hasn’t issued any official statement regarding the matter. Last month, Compass Mining shut down its discord channel by giving a 24-hour notice. Many of its users took to Twitter to air their grievances about the short notice of the shutdown. Most said Compass deliberately gave the short notice to prevent anyone from complaining or sharing information.
At that time, the now-resigned Gibbs told the media that shutting down the discord channel was necessary to improve customer communication. Also, the move will help in enhancing its customer service workflow. An ex-employee of Compass Mining told a popular news outlet that the bitcoin mining hosting firm suffers from poor management and execution.
Hence, many people assume that they have run shady operations. The ex-employee remained anonymous to avoid a legal battle with his former employer. In the last 12 months, many Compass Mining customers have expressed their displeasure over buildout delays of its machines in Ontario, South Carolina, and Nebraska.
As a Bitcoin ASICs broker, Compass Mining hosts and operates various bitcoin mines worldwide for its retail customers. Earlier in the year, US President Joe Biden ordered the ban on Russian miner, BitRiver. The move caused Compass to lose a shipment of equipment worth about $30 million.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
