Mining Industry Giant Compass Mining CEO and CFO Resign as The Company Faces Turbulence

Compass Mining CEO Whit Gibbs and Chief Financial Officer Jodie Fisher have resigned, according to an email statement from the company. The resignations are amid "setbacks and disappointments," said the company's email.

Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller have taken over as temporary CEO and CFO while the company searches for permanent replacements. 

The email said, "Compass Mining was created to make mining easy and accessible. 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."

The company seems to be having significant instability, as the internal discord where clients can share thoughts and opinions with each other has been dismantled with only a day's notice. Rumor is spreading that this decision was made to limit their clients ability to complain to each other about issues at the firm. They claim a new "invested in a pro-scale comms solution," although Twitter users claim that they do not see any difference.

One Twitter user said, "This company is rotten to the core, from the employees, support, Admin, and sales. Stole so much money from me and others with their fiascos."

Hosting firm Dynamics Mining leased its space to Compass and claimed it terminated its contract with Compass Mining because they owed them over $600,000 in back electric bills. They also accused Compass employees of trying to break into their facility in Maine to steal back the miners. Dynamics went on to say on Twitter, "Compass claims that they gave money to Dynamics2k but the money was used to build out their facilities." Any external source does not verify these claims, and Compass has not responded to them.

Compass has been a hotbed for client issues this year when they lost access to about $30 million of equipment after sanctions were placed on Bitriver, a Russian Miner. 

Author: Garrett Meifert

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