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Compass Mining’s CEO and CFO resigns amid ‘disappointment and frustration’

The company has appointed Co-Founder and Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller as interim co-chair and CEO.

Chief Executive Officer Whit Gibbs and Chief Financial Officer Jodie Fisher have resigned, effective immediately, from bitcoin mining hosting and brokerage services firm Compass Mining (CMP), the company said in an emailed statement.

The Board of Directors has appointed Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller as interim co-chairs and CEOs while conducting a search for permanent replacements.

“Compass Mining was created to make mining easy and accessible,” the statement said. “The company recognizes that there have been many failures and disappointments that undermine that goal. Through this restructuring, the company is fully focused on regaining the goodwill of the company’s stakeholders and the community. as well as fulfilling the company’s mission of providing the best service to miners of all sizes.”

Hosting company Dynamics Mining took to Twitter last week to announce it had terminated its contract with Compass Mining because it owed them more than $600,000 in bills. Dynamics also alleges Compass Mining employees tried to break into the company’s Maine facility to steal machinery. CoinDesk was unable to verify these claims, and Compass Mining has not officially commented on the allegations.

On June 24, the company closed its Discord channel with one day’s notice, with some customers taking to Twitter to say the move was intended to hinder their ability to share information and complaints. Gibbs CEO (who is also a co-founder with Gosker) told CoinDesk at the time that the company was having problems communicating with its customers, and the Discord move is aimed at improving the customer service workflow.

A former Compass Mining employee told CoinDesk: “A lot of things are very poorly managed and executed, which makes people feel that they are shady.” The employee did not want to be discovered for fear of litigation.

Over the past year, customers have complained about construction delays in South Carolina, Nebraska and Ontario.

Compass Mining is a bitcoin ASICs broker that hosts and operates mines around the world for retail customers. Earlier this year, the company lost access to about $30 million in equipment after the Biden administration imposed sanctions on Russian mining company BitRiver.