The company decided to drastically reduce overhead. A snippet from today's press release
To save substantial costs and in parallel with this re-alignment, unfortunately we will need to discontinue the employment of the current CEO, Paul Byrne, who will now remain as an advisor to the Company. He will be replaced as Chief Executive Officer by Harris Kupperman, the founding CEO and largest shareholder of MGG. Mr. Kupperman has agreed to resume his former executive role for zero cash compensation during 2015.
“Given the deteriorating economic situation in Mongolia, the time has come to dramatically reduce costs while still positioning the Company for future growth,” said Harris Kupperman, Chairman and CEO of MGG. “Starting with the changes announced today along with the steps that will be taken over the next few months, I aim to reduce the Company’s cost structure, so that MGG is in a position to thrive regardless of the economic situation in Mongolia.”