Compass Mining Execs Abruptly Resign Amid Setbacks, Disappointments

Hardware mining firm Compass Mining announced the resignation of CEO and co-founder Whitney “Whit” Gibbs and CFO Jodie Fisher.

According to the press release, the resignation of the two executives was effective immediately.

Compass Mining admitted that multiple setbacks and disappointments have detracted it from accomplishing its objectives. The company said it was time for new leadership to take itself to the “next level of development.”

As a result of the CEO and CFO resignations, Compass Mining has promoted Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller to serve as co-CEOs while the company searches for a permanent replacement for Gibbs.

“Through this transformation, the firm is entirely dedicated to regaining the confidence of its stakeholders and the community, as well as fulfilling our purpose of providing best-in-class service for miners of all sizes.”

This is only one of the roadblocks the company has faced of late. The most recent blow came when host company Dynamics Mining tweeted last week that it had terminated its agreement with Compass Mining because the firm owed them over $600,000 in outstanding invoices. Dynamics has also accused Compass Mining employees of attempting to break into its facility in Maine to reclaim the machines.

Meanwhile, the business closed its Discord channel on June 24 with a day’s notice. Some consumers complained that the move restricts their ability to communicate and report issues.

The challenges Compass Mining is facing are not uncommon, as they all stem from broader economic concerns. Since cryptocurrencies fell into a bear market recently, many mining companies have been badly affected.

Meanwhile, the crypto market downturn prompted miners to sell hundreds of graphics cards during live auctions, as reported earlier.