Compass Mining to Reduce 15% Staff and 50% Executives' Compensation
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"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,"
According to the statement, Compass will offer "financial and non-financial help" to people impacted by the downsizing. The firm attributed the problems that led to today's announcement to the company's rapid growth and the resulting operational, financial, and technological bottlenecks. The "service provider" is probably Dynamics Mining, who attacked Compass on Twitter last month for not paying the electricity bill at its site in Maine, which Dynamics said was a reason for ending their contract. Compass refuted the charges.
Implementing The Changes Swiftly
Whitney "Whit" Gibbs, the chief executive officer and co-founder of Compass, and Jodie Fisher, the chief financial officer, both announced their resignations in June. Heller and Gosker apologized and thanked Compass' departing staff for their dedication and commitment while pledging to rapidly and aggressively execute the reforms. We assume full responsibility for all the changes that have been and will be made under our leadership, they said, adding that of all the decisions we have had to make as new CEOs, this will be by far the hardest.