New York – Online news aggregation and ranking service Digg
announced on Monday that it will lay off 37% of its staff, and said chief
revenue officer and publisher Chas Edwards is leaving the company, TechCrunch
"The fact is our business has a burn rate that is too high. We
must significantly cut our expenses to achieve profitability in 2011,"
Digg CEO Matt Williams wrote in a blog post.
"We’ve considered all of the
possible options for reduction, from salaries to fixed costs. The result is
that, in addition to lowering many of our operational costs, I’ve made the
decision to downsize our staff from 67 to 42 people."
Edwards, who had
served as publisher and chief revenue officer at Digg for the past 18 months,
has taken a similar position at ad network Pixazza.